Texas Service Sector Outlook Survey

Surveys

April 26, 2022

Results Table

Business Indicators Relating to Facilities and Products in Texas Current (versus previous month)
Indicator	Apr Index	Mar Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Revenue	11.2	23.4	–12.2	11.3	21(+)	29.7	51.8	18.5
Employment	14.5	14.4	+0.1	6.5	21(+)	21.7	71.1	7.2
Part–Time Employment	2.9	7.0	–4.1	1.6	17(+)	8.9	85.1	6.0
Hours Worked	9.5	9.9	–0.4	2.8	20(+)	14.1	81.3	4.6
Wages and Benefits	33.0	36.5	–3.5	15.2	23(+)	35.5	62.0	2.5
Input Prices	54.2	59.2	–5.0	26.4	24(+)	56.6	41.0	2.4
Selling Prices	33.7	33.9	–0.2	6.6	21(+)	36.9	59.9	3.2
Capital Expenditures	13.2	15.2	–2.0	10.0	20(+)	18.9	75.4	5.7

General Business Conditions Current (versus previous month)
Indicator	Apr Index	Mar Index	Change	Series Average	Trend**	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	2.4	2.7	–0.3	5.6	3(+)	15.9	70.6	13.5
General Business Activity	8.2	10.6	–2.4	4.1	16(+)	20.8	66.6	12.6

Indicator	Apr Index	Mar Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty†	19.2	22.5	–3.3	11.5	11(+)	27.0	65.3	7.8

Business Indicators Relating to Facilities and Products in Texas Future (six months ahead)
Indicator	Apr Index	Mar Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Revenue	47.0	55.8	–8.8	38.0	24(+)	56.0	35.0	9.0
Employment	33.0	40.6	–7.6	23.0	24(+)	39.6	53.8	6.6
Part–Time Employment	11.5	18.3	–6.8	7.0	23(+)	16.8	77.9	5.3
Hours Worked	7.3	13.0	–5.7	6.0	24(+)	12.4	82.5	5.1
Wages and Benefits	52.3	55.3	–3.0	36.9	24(+)	54.1	44.0	1.8
Input Prices	59.6	64.5	–4.9	44.1	184(+)	62.9	33.9	3.3
Selling Prices	41.6	49.5	–7.9	24.0	24(+)	45.1	51.4	3.5
Capital Expenditures	27.7	29.6	–1.9	23.6	23(+)	32.6	62.5	4.9

General Business Conditions Future (six months ahead)
Indicator	Apr Index	Mar Index	Change	Series Average	Trend**	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	14.5	14.6	–0.1	17.1	21(+)	28.5	57.5	14.0
General Business Activity	6.5	15.4	–8.9	14.2	21(+)	23.7	59.1	17.2

April 26, 2022

Results Table

Business Indicators Relating to Facilities and Products in Texas Retail (versus previous month)
Indicator	Apr Index	Mar Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Retail Activity in Texas
Sales	–7.9	–3.0	–4.9	5.4	2(–)	27.5	37.1	35.4
Employment	9.3	2.0	+7.3	2.0	9(+)	16.1	77.1	6.8
Part–Time Employment	5.7	5.4	+0.3	–1.5	14(+)	10.7	84.3	5.0
Hours Worked	2.5	4.5	–2.0	–1.7	3(+)	12.0	78.5	9.5
Wages and Benefits	34.2	33.7	+0.5	10.6	21(+)	37.2	59.8	3.0
Input Prices	55.3	59.7	–4.4	21.4	24(+)	60.6	34.1	5.3
Selling Prices	54.6	48.6	+6.0	13.3	23(+)	61.5	31.6	6.9
Capital Expenditures	11.3	13.5	–2.2	8.0	15(+)	14.1	83.1	2.8
Inventories	–0.4	–8.3	+7.9	1.9	4(–)	24.1	51.4	24.5
Companywide Retail Activity
Companywide Sales	0.5	–9.8	+10.3	6.9	1(+)	31.9	36.7	31.4
Companywide Internet Sales	6.1	2.6	+3.5	5.8	2(+)	22.5	61.1	16.4

General Business Conditions, Retail Current (versus previous month)
Indicator	Apr Index	Mar Index	Change	Series Average	Trend**	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	–4.9	–10.8	+5.9	3.5	2(–)	14.0	67.1	18.9
General Business Activity	1.4	–9.8	+11.2	0.0	1(+)	18.8	63.8	17.4

Outlook Uncertainty Current (versus previous month)
Indicator	Apr Index	Mar Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty†	14.6	7.5	+7.1	9.3	11(+)	22.9	68.8	8.3

Business Indicators Relating to Facilities and Products in Texas, Retail Future (six months ahead)
Indicator	Apr Index	Mar Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Retail Activity in Texas
Sales	34.9	37.9	–3.0	33.0	24(+)	50.8	33.3	15.9
Employment	21.8	31.8	–10.0	13.2	24(+)	33.2	55.3	11.4
Part–Time Employment	5.0	11.0	–6.0	1.8	21(+)	12.9	79.2	7.9
Hours Worked	3.7	13.7	–10.0	3.2	24(+)	11.3	81.1	7.6
Wages and Benefits	48.1	52.2	–4.1	28.8	24(+)	50.8	46.5	2.7
Input Prices	48.9	61.5	–12.6	34.0	24(+)	55.6	37.8	6.7
Selling Prices	42.6	57.5	–14.9	30.0	24(+)	51.1	40.4	8.5
Capital Expenditures	26.7	22.5	+4.2	18.0	23(+)	28.9	68.9	2.2
Inventories	27.8	19.7	+8.1	10.6	24(+)	42.9	42.1	15.1
Companywide Retail Activity
Companywide Sales	32.4	43.7	–11.3	31.6	24(+)	45.9	40.6	13.5
Companywide Internet Sales	17.1	34.5	–17.4	22.9	25(+)	25.7	65.7	8.6

General Business Conditions, Retail Future (six months ahead)
Indicator	Apr Index	Mar Index	Change	Series Average	Trend**	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	4.9	7.7	–2.8	17.6	24(+)	24.6	55.7	19.7
General Business Activity	–1.5	3.0	–4.5	13.3	1(–)	19.5	59.5	21.0

*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.

Results Table

Texas Retail Outlook Survey

Results Table