Texas Service Sector Activity Picks Up in September, Says Dallas Fed Survey
For immediate release: September 29, 2015
DALLAS—Texas service sector activity increased in September, according to the Federal Reserve Bank of Dallas’ Texas Service Sector Outlook Survey.
The TSSOS revenue index—a key measure of state service sector conditions—rose from 9.3 in August to 12.8 in September.
The survey is conducted monthly by the Dallas Fed to obtain a timely assessment of activity in the state’s service sector, which represents almost 70 percent of the state economy and employs close to 7.6 million workers.
Positive readings in the survey generally indicate expansion of service sector activity, while readings below zero generally indicate contraction.
Labor market indicators reflected slower employment growth and longer workweeks in September. The employment index fell from 6.1 in August to 2.2 in September. The hours worked index edged up 2 points to 4.3 in September.
Perceptions of broader economic conditions reflected more optimism in September. The general business activity index ticked up from 2.1 in August to 3.6 in September.
Indexes of future service sector activity also reflected more optimism this month.
TSSOS also includes a component called the Texas Retail Outlook Survey, which uses information from respondents in the retail and wholesale sectors only.
Retail sales improved notably in September, according to business executives responding to the Texas Retail Outlook Survey. The sales index climbed back into positive territory, gaining more than 10 points to reach 7.1 in September.
Indexes of future retail sector activity remained in solid positive territory in September.
Federal Reserve Bank of Dallas
Phone: (214) 922-5288