Texas Service Sector Outlook Survey
January 28, 2020
Results Table
| Business Indicators Relating to Facilities and Products in Texas Current (versus previous month) | ||||||||
| Indicator | Jan Index | Dec Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Revenue | 18.8 | 17.9 | +0.9 | 12.2 | 122(+) | 32.0 | 54.8 | 13.2 |
Employment | 8.4 | 5.5 | +2.9 | 6.7 | 119(+) | 17.3 | 73.8 | 8.9 |
Part–Time Employment | 0.6 | 2.3 | –1.7 | 1.8 | 2(+) | 6.4 | 87.8 | 5.8 |
Hours Worked | 3.3 | 4.1 | –0.8 | 2.8 | 39(+) | 8.8 | 85.7 | 5.5 |
Wages and Benefits | 19.4 | 19.2 | +0.2 | 14.7 | 128(+) | 21.7 | 76.1 | 2.3 |
Input Prices | 27.0 | 25.7 | +1.3 | 25.4 | 129(+) | 30.2 | 66.6 | 3.2 |
Selling Prices | 16.9 | 6.9 | +10.0 | 5.5 | 3(+) | 21.5 | 73.9 | 4.6 |
Capital Expenditures | 10.1 | 11.8 | –1.7 | 10.8 | 125(+) | 16.7 | 76.5 | 6.6 |
| General Business Conditions Current (versus previous month) | ||||||||
| Indicator | Jan Index | Dec Index | Change | Series Average | Trend** | % Reporting Improved | % Reporting No Change | % Reporting Worsened |
Company Outlook | 12.5 | 11.3 | +1.2 | 6.2 | 5(+) | 20.3 | 71.8 | 7.8 |
General Business Activity | 11.1 | 13.5 | –2.4 | 4.0 | 8(+) | 19.6 | 71.9 | 8.5 |
| Indicator | Jan Index | Dec Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Outlook Uncertainty† | 7.5 | 1.4 | +6.1 | 11.3 | 24(+) | 17.2 | 73.0 | 9.7 |
| Business Indicators Relating to Facilities and Products in Texas Future (six months ahead) | ||||||||
| Indicator | Jan Index | Dec Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Revenue | 43.7 | 37.8 | +5.9 | 37.9 | 131(+) | 51.3 | 41.0 | 7.6 |
Employment | 27.7 | 22.3 | +5.4 | 22.3 | 130(+) | 35.1 | 57.5 | 7.4 |
Part–Time Employment | 9.9 | 8.7 | +1.2 | 6.7 | 7(+) | 15.8 | 78.3 | 5.9 |
Hours Worked | 11.0 | 4.5 | +6.5 | 5.5 | 41(+) | 12.8 | 85.4 | 1.8 |
Wages and Benefits | 40.7 | 39.4 | +1.3 | 36.5 | 157(+) | 42.6 | 55.4 | 1.9 |
Input Prices | 41.4 | 46.6 | –5.2 | 44.4 | 157(+) | 43.3 | 54.7 | 1.9 |
Selling Prices | 30.5 | 26.5 | +4.0 | 23.5 | 129(+) | 34.0 | 62.5 | 3.5 |
Capital Expenditures | 25.5 | 29.0 | –3.5 | 24.2 | 130(+) | 32.2 | 61.1 | 6.7 |
| General Business Conditions Future (six months ahead) | ||||||||
| Indicator | Jan Index | Dec Index | Change | Series Average | Trend** | % Reporting Improved | % Reporting No Change | % Reporting Worsened |
Company Outlook | 19.7 | 15.6 | +4.1 | 17.0 | 13(+) | 27.2 | 65.3 | 7.5 |
General Business Activity | 17.6 | 17.6 | 0.0 | 13.6 | 5(+) | 25.7 | 66.2 | 8.1 |
Texas Retail Outlook Survey
| Business Indicators Relating to Facilities and Products in Texas Retail (versus previous month) | ||||||||
| Indicator | Jan Index | Dec Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Retail Activity in Texas | ||||||||
Sales | 4.8 | 13.5 | –8.7 | 6.9 | 5(+) | 27.2 | 50.4 | 22.4 |
Employment | 1.0 | 2.5 | –1.5 | 2.4 | 4(+) | 11.8 | 77.4 | 10.8 |
Part–Time Employment | –8.7 | 9.6 | –18.3 | –1.7 | 1(–) | 4.3 | 82.6 | 13.0 |
Hours Worked | 4.7 | 10.7 | –6.0 | –1.2 | 2(+) | 14.0 | 76.7 | 9.3 |
Wages and Benefits | 12.2 | 25.1 | –12.9 | 9.9 | 107(+) | 16.3 | 79.6 | 4.1 |
Input Prices | 25.0 | 20.7 | +4.3 | 19.1 | 48(+) | 29.7 | 65.6 | 4.7 |
Selling Prices | 23.2 | 18.4 | +4.8 | 10.5 | 34(+) | 30.2 | 62.8 | 7.0 |
Capital Expenditures | –2.1 | 5.7 | –7.8 | 9.4 | 1(–) | 8.5 | 80.9 | 10.6 |
Inventories | 9.6 | 13.6 | –4.0 | 3.9 | 2(+) | 26.6 | 56.4 | 17.0 |
Companywide Retail Activity | ||||||||
Companywide Sales | 10.5 | 15.6 | –5.1 | 8.5 | 2(+) | 27.9 | 54.7 | 17.4 |
Companywide Internet Sales | 1.9 | 14.8 | –12.9 | 7.0 | 21(+) | 13.9 | 74.1 | 12.0 |
| General Business Conditions, Retail Current (versus previous month) | ||||||||
| Indicator | Jan Index | Dec Index | Change | Series Average | Trend** | % Reporting Improved | % Reporting No Change | % Reporting Worsened |
Company Outlook | 0.2 | 15.0 | –14.8 | 4.4 | 4(+) | 12.4 | 75.4 | 12.2 |
General Business Activity | –2.1 | 8.3 | –10.4 | 0.0 | 1(–) | 11.7 | 74.5 | 13.8 |
| Outlook Uncertainty Current (versus previous month) | ||||||||
| Indicator | Jan Index | Dec Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Outlook Uncertainty† | 8.5 | –9.5 | +18.0 | 9.7 | 1(+) | 17.0 | 74.5 | 8.5 |
| Business Indicators Relating to Facilities and Products in Texas, Retail Future (six months ahead) | ||||||||
| Indicator | Jan Index | Dec Index | Change | Series Average | Trend* | % Reporting Increase | % Reporting No Change | % Reporting Decrease |
Retail Activity in Texas | ||||||||
Sales | 23.9 | 34.0 | –10.1 | 32.7 | 8(+) | 34.6 | 54.7 | 10.7 |
Employment | 2.5 | 11.7 | –9.2 | 12.4 | 2(+) | 12.0 | 78.5 | 9.5 |
Part–Time Employment | 6.4 | 15.4 | –9.0 | 0.8 | 2(+) | 10.5 | 85.4 | 4.1 |
Hours Worked | 6.2 | 1.1 | +5.1 | 2.7 | 2(+) | 11.6 | 83.0 | 5.4 |
Wages and Benefits | 31.5 | 33.4 | –1.9 | 27.4 | 133(+) | 33.9 | 63.7 | 2.4 |
Input Prices | 36.9 | 44.0 | –7.1 | 33.2 | 129(+) | 39.1 | 58.7 | 2.2 |
Selling Prices | 35.6 | 40.8 | –5.2 | 29.2 | 129(+) | 37.8 | 60.0 | 2.2 |
Capital Expenditures | 17.4 | 16.3 | +1.1 | 18.3 | 2(+) | 21.7 | 73.9 | 4.3 |
Inventories | 4.6 | 12.3 | –7.7 | 8.4 | 2(+) | 21.4 | 61.8 | 16.8 |
Companywide Retail Activity | ||||||||
Companywide Sales | 25.3 | 27.7 | –2.4 | 31.1 | 130(+) | 31.2 | 62.9 | 5.9 |
Companywide Internet Sales | 20.0 | 26.8 | –6.8 | 21.9 | 42(+) | 25.7 | 68.6 | 5.7 |
| General Business Conditions, Retail Future (six months ahead) | ||||||||
| Indicator | Jan Index | Dec Index | Change | Series Average | Trend** | % Reporting Improved | % Reporting No Change | % Reporting Worsened |
Company Outlook | 14.8 | 13.9 | +0.9 | 17.3 | 5(+) | 23.0 | 68.8 | 8.2 |
General Business Activity | 8.9 | 14.0 | –5.1 | 13.1 | 3(+) | 20.0 | 68.9 | 11.1 |
*Shown is the number of consecutive months of expansion or contraction in the underlying indicator. Expansion is indicated by a positive index reading and denoted by a (+) in the table. Contraction is indicated by a negative index reading and denoted by a (–) in the table.
**Shown is the number of consecutive months of improvement or worsening in the underlying indicator. Improvement is indicated by a positive index reading and denoted by a (+) in the table. Worsening is indicated by a negative index reading and denoted by a (–) in the table.
†Added to survey in January 2018.
Data have been seasonally adjusted as necessary, with the exception of the outlook uncertainty index which does not yet have a sufficiently long time series to test for seasonality.
Questions regarding the Texas Service Sector Outlook Survey can be addressed to Christopher Slijk at christopher.slijk@dal.frb.org.
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