Texas Service Sector Outlook Survey
March 31, 2020
Results Table
Business Indicators Relating to Facilities and Products in Texas Current (versus previous month) |
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Indicator | Mar Index | Feb Index | Change | Series Average |
Trend* | % Reporting Increase | % Reporting No Change |
% Reporting Decrease |
Revenue |
–67.0 |
14.0 |
–81.0 |
11.7 |
1(–) |
2.4 |
28.2 |
69.4 |
Employment |
–23.8 |
6.1 |
–29.9 |
6.5 |
1(–) |
3.4 |
69.4 |
27.2 |
Part–Time Employment |
–21.4 |
4.1 |
–25.5 |
1.6 |
1(–) |
2.8 |
73.0 |
24.2 |
Hours Worked |
–43.0 |
4.4 |
–47.4 |
2.5 |
1(–) |
4.2 |
48.6 |
47.2 |
Wages and Benefits |
–12.4 |
17.7 |
–30.1 |
14.5 |
1(–) |
8.4 |
70.8 |
20.8 |
Input Prices |
0.1 |
26.6 |
–26.5 |
25.3 |
131(+) |
16.2 |
67.6 |
16.1 |
Selling Prices |
–44.5 |
8.0 |
–52.5 |
5.2 |
1(–) |
0.0 |
55.5 |
44.5 |
Capital Expenditures |
–22.7 |
11.1 |
–33.8 |
10.6 |
1(–) |
8.6 |
60.2 |
31.3 |
General Business Conditions Current (versus previous month) |
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Indicator | Mar Index | Feb Index | Change | Series Average |
Trend** | % Reporting Improved | % Reporting No Change |
% Reporting Worsened |
Company Outlook |
–75.3 |
5.1 |
–80.4 |
5.7 |
1(–) |
0.0 |
24.7 |
75.3 |
General Business Activity |
–78.8 |
7.0 |
–85.8 |
3.5 |
1(–) |
0.0 |
21.2 |
78.8 |
|
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Indicator | Mar Index | Feb Index | Change | Series Average |
Trend* | % Reporting Increase | % Reporting No Change |
% Reporting Decrease |
Outlook Uncertainty† |
37.6 |
4.6 |
+33.0 |
12.0 |
26(+) |
65.7 |
6.2 |
28.1 |
Business Indicators Relating to Facilities and Products in Texas Future (six months ahead) |
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Indicator | Mar Index | Feb Index | Change | Series Average |
Trend* | % Reporting Increase | % Reporting No Change |
% Reporting Decrease |
Revenue |
–40.3 |
39.9 |
–80.2 |
37.4 |
1(–) |
24.0 |
11.7 |
64.3 |
Employment |
–32.3 |
26.9 |
–59.2 |
22.0 |
1(–) |
10.1 |
47.5 |
42.4 |
Part–Time Employment |
–23.4 |
8.2 |
–31.6 |
6.5 |
1(–) |
5.6 |
65.3 |
29.0 |
Hours Worked |
–18.2 |
4.9 |
–23.1 |
5.3 |
1(–) |
11.9 |
58.0 |
30.1 |
Wages and Benefits |
1.7 |
37.0 |
–35.3 |
36.3 |
159(+) |
23.9 |
53.8 |
22.2 |
Input Prices |
9.6 |
40.0 |
–30.4 |
44.2 |
159(+) |
26.9 |
55.9 |
17.3 |
Selling Prices |
–16.7 |
25.9 |
–42.6 |
23.2 |
1(–) |
16.3 |
50.6 |
33.0 |
Capital Expenditures |
–23.4 |
23.4 |
–46.8 |
23.9 |
1(–) |
12.7 |
51.2 |
36.1 |
General Business Conditions Future (six months ahead) |
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Indicator | Mar Index | Feb Index | Change | Series Average |
Trend** | % Reporting Improved | % Reporting No Change |
% Reporting Worsened |
Company Outlook |
–49.1 |
15.8 |
–64.9 |
16.6 |
1(–) |
14.9 |
21.1 |
64.0 |
General Business Activity |
–50.4 |
12.0 |
–62.4 |
13.2 |
1(–) |
11.0 |
27.6 |
61.4 |
Texas Retail Outlook Survey
Business Indicators Relating to Facilities and Products in Texas Retail (versus previous month) |
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Indicator | Mar Index | Feb Index | Change | Series Average |
Trend* | % Reporting Increase | % Reporting No Change |
% Reporting Decrease |
Retail Activity in Texas |
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Sales |
–82.6 |
–2.5 |
–80.1 |
6.2 |
2(–) |
0.7 |
16.0 |
83.3 |
Employment |
–28.4 |
–1.0 |
–27.4 |
2.2 |
2(–) |
0.7 |
70.2 |
29.1 |
Part–Time Employment |
–25.5 |
0.0 |
–25.5 |
–1.8 |
1(–) |
3.6 |
67.3 |
29.1 |
Hours Worked |
–58.1 |
–1.7 |
–56.4 |
–1.6 |
2(–) |
0.0 |
41.9 |
58.1 |
Wages and Benefits |
–20.6 |
14.7 |
–35.3 |
9.7 |
1(–) |
4.1 |
71.2 |
24.7 |
Input Prices |
–12.0 |
19.9 |
–31.9 |
18.9 |
1(–) |
7.8 |
72.4 |
19.8 |
Selling Prices |
–35.5 |
27.5 |
–63.0 |
10.3 |
1(–) |
1.0 |
62.5 |
36.5 |
Capital Expenditures |
–37.5 |
6.0 |
–43.5 |
8.9 |
1(–) |
5.4 |
51.8 |
42.9 |
Inventories |
–42.6 |
–9.7 |
–32.9 |
3.6 |
2(–) |
1.6 |
54.2 |
44.2 |
Companywide Retail Activity |
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Companywide Sales |
–83.0 |
–2.1 |
–80.9 |
7.9 |
2(–) |
0.0 |
17.0 |
83.0 |
Companywide Internet Sales |
–45.6 |
16.2 |
–61.8 |
6.7 |
1(–) |
0.3 |
53.8 |
45.9 |
General Business Conditions, Retail Current (versus previous month) |
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Indicator | Mar Index | Feb Index | Change | Series Average |
Trend** | % Reporting Improved | % Reporting No Change |
% Reporting Worsened |
Company Outlook |
–83.8 |
–10.3 |
–73.5 |
3.8 |
2(–) |
0.5 |
15.2 |
84.3 |
General Business Activity |
–84.2 |
–5.0 |
–79.2 |
–0.6 |
3(–) |
0.7 |
14.4 |
84.9 |
Outlook Uncertainty Current (versus previous month) |
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Indicator | Mar Index | Feb Index | Change | Series Average |
Trend* | % Reporting Increase | % Reporting No Change |
% Reporting Decrease |
Outlook Uncertainty† |
46.4 |
2.0 |
+44.4 |
10.7 |
3(+) |
71.4 |
3.6 |
25.0 |
Business Indicators Relating to Facilities and Products in Texas, Retail Future (six months ahead) |
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Indicator | Mar Index | Feb Index | Change | Series Average |
Trend* | % Reporting Increase | % Reporting No Change |
% Reporting Decrease |
Retail Activity in Texas |
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Sales |
–49.8 |
17.1 |
–66.9 |
32.0 |
1(–) |
16.9 |
16.4 |
66.7 |
Employment |
–46.1 |
–0.2 |
–45.9 |
12.0 |
2(–) |
0.8 |
52.3 |
46.9 |
Part–Time Employment |
–23.2 |
6.1 |
–29.3 |
0.7 |
1(–) |
7.9 |
61.0 |
31.1 |
Hours Worked |
–24.7 |
–1.5 |
–23.2 |
2.5 |
2(–) |
11.6 |
52.1 |
36.3 |
Wages and Benefits |
–3.5 |
23.2 |
–26.7 |
27.2 |
1(–) |
19.7 |
57.1 |
23.2 |
Input Prices |
–7.3 |
33.3 |
–40.6 |
32.9 |
1(–) |
18.2 |
56.4 |
25.5 |
Selling Prices |
–10.7 |
29.7 |
–40.4 |
28.9 |
1(–) |
16.1 |
57.1 |
26.8 |
Capital Expenditures |
–34.5 |
6.4 |
–40.9 |
17.7 |
1(–) |
7.3 |
50.9 |
41.8 |
Inventories |
–31.4 |
–14.7 |
–16.7 |
8.0 |
2(–) |
17.2 |
34.1 |
48.6 |
Companywide Retail Activity |
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Companywide Sales |
–36.5 |
20.4 |
–56.9 |
30.7 |
1(–) |
18.4 |
26.7 |
54.9 |
Companywide Internet Sales |
–6.5 |
22.2 |
–28.7 |
21.7 |
1(–) |
15.2 |
63.0 |
21.7 |
General Business Conditions, Retail Future (six months ahead) |
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Indicator | Mar Index | Feb Index | Change | Series Average |
Trend** | % Reporting Improved | % Reporting No Change |
% Reporting Worsened |
Company Outlook |
–62.4 |
2.3 |
–64.7 |
16.7 |
1(–) |
5.6 |
26.4 |
68.0 |
General Business Activity |
–66.0 |
–1.3 |
–64.7 |
12.5 |
2(–) |
6.6 |
20.8 |
72.6 |
*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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