Texas Service Sector Outlook Survey

Surveys

July 26, 2022

Results Table

Business Indicators Relating to Facilities and Products in Texas Current (versus previous month)
Indicator	Jul Index	Jun Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Revenue	9.5	9.4	+0.1	11.3	24(+)	31.3	46.9	21.8
Employment	14.5	7.6	+6.9	6.5	24(+)	23.9	66.7	9.4
Part–Time Employment	1.6	1.9	–0.3	1.6	20(+)	6.7	88.2	5.1
Hours Worked	5.0	4.9	+0.1	2.9	23(+)	10.9	83.2	5.9
Wages and Benefits	28.0	34.6	–6.6	15.4	26(+)	31.1	65.8	3.1
Input Prices	49.9	55.8	–5.9	26.9	27(+)	52.2	45.5	2.3
Selling Prices	25.7	29.4	–3.7	7.0	24(+)	29.6	66.5	3.9
Capital Expenditures	16.4	12.1	+4.3	10.1	23(+)	23.3	69.8	6.9

General Business Conditions Current (versus previous month)
Indicator	Jul Index	Jun Index	Change	Series Average	Trend**	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	–5.2	–14.7	+9.5	5.4	2(–)	13.4	68.0	18.6
General Business Activity	–10.9	–12.4	+1.5	3.9	2(–)	15.7	57.7	26.6

Indicator	Jul Index	Jun Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty†	22.3	41.2	–18.9	12.5	14(+)	33.5	55.3	11.2

Business Indicators Relating to Facilities and Products in Texas Future (six months ahead)
Indicator	Jul Index	Jun Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Revenue	35.3	19.0	+16.3	37.8	27(+)	51.8	31.7	16.5
Employment	31.2	23.4	+7.8	23.1	27(+)	38.4	54.4	7.2
Part–Time Employment	6.3	–0.3	+6.6	7.0	1(+)	10.5	85.3	4.2
Hours Worked	3.9	2.8	+1.1	6.0	27(+)	10.5	82.9	6.6
Wages and Benefits	50.8	50.5	+0.3	37.1	27(+)	53.3	44.2	2.5
Input Prices	57.7	66.4	–8.7	44.4	187(+)	60.8	36.1	3.1
Selling Prices	37.0	36.6	+0.4	24.2	27(+)	42.7	51.6	5.7
Capital Expenditures	25.0	20.8	+4.2	23.6	26(+)	34.2	56.6	9.2

General Business Conditions Future (six months ahead)
Indicator	Jul Index	Jun Index	Change	Series Average	Trend**	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	2.5	–18.4	+20.9	16.7	1(+)	24.4	53.7	21.9
General Business Activity	–7.5	–24.0	+16.5	13.8	3(–)	21.6	49.2	29.1

July 26, 2022

Results Table

Business Indicators Relating to Facilities and Products in Texas Retail (versus previous month)
Indicator	Jul Index	Jun Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Retail Activity in Texas
Sales	–19.4	–11.0	–8.4	5.1	5(–)	20.7	39.2	40.1
Employment	5.4	–3.3	+8.7	2.0	1(+)	15.9	73.6	10.5
Part–Time Employment	–1.1	–8.1	+7.0	–1.6	2(–)	8.3	82.3	9.4
Hours Worked	0.3	–6.1	+6.4	–1.7	1(+)	10.6	79.1	10.3
Wages and Benefits	19.2	30.4	–11.2	10.9	24(+)	26.0	67.2	6.8
Input Prices	39.7	49.9	–10.2	21.8	27(+)	48.8	42.0	9.1
Selling Prices	31.9	37.1	–5.2	13.7	26(+)	44.4	43.1	12.5
Capital Expenditures	9.6	10.4	–0.8	8.1	18(+)	22.6	64.4	13.0
Inventories	13.2	–0.2	+13.4	1.9	1(+)	30.9	51.4	17.7
Companywide Retail Activity
Companywide Sales	–18.3	–7.8	–10.5	6.5	3(–)	20.2	41.3	38.5
Companywide Internet Sales	–17.4	–10.4	–7.0	5.4	3(–)	3.9	74.8	21.3

General Business Conditions, Retail Current (versus previous month)
Indicator	Jul Index	Jun Index	Change	Series Average	Trend**	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	–16.5	–22.2	+5.7	3.2	5(–)	5.2	73.1	21.7
General Business Activity	–22.6	–25.2	+2.6	–0.3	3(–)	11.3	54.8	33.9

Outlook Uncertainty Current (versus previous month)
Indicator	Jul Index	Jun Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty†	14.2	42.3	–28.1	10.2	14(+)	32.1	50.0	17.9

Business Indicators Relating to Facilities and Products in Texas, Retail Future (six months ahead)
Indicator	Jul Index	Jun Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Retail Activity in Texas
Sales	17.6	0.9	+16.7	32.7	27(+)	40.5	36.5	22.9
Employment	14.8	10.3	+4.5	13.3	27(+)	26.9	61.0	12.1
Part–Time Employment	3.0	–0.8	+3.8	1.7	1(+)	12.3	78.4	9.3
Hours Worked	4.7	–7.4	+12.1	3.1	1(+)	14.2	76.3	9.5
Wages and Benefits	40.3	43.6	–3.3	29.1	27(+)	43.5	53.3	3.2
Input Prices	41.8	58.5	–16.7	34.3	27(+)	50.9	40.0	9.1
Selling Prices	25.5	41.5	–16.0	30.1	27(+)	45.5	34.5	20.0
Capital Expenditures	16.7	21.2	–4.5	18.1	26(+)	31.5	53.7	14.8
Inventories	26.4	23.4	+3.0	10.7	27(+)	40.3	45.8	13.9
Companywide Retail Activity
Companywide Sales	1.0	4.0	–3.0	31.2	27(+)	31.1	38.9	30.1
Companywide Internet Sales	9.1	5.1	+4.0	22.7	28(+)	20.5	68.2	11.4

General Business Conditions, Retail Future (six months ahead)
Indicator	Jul Index	Jun Index	Change	Series Average	Trend**	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	–10.1	–13.8	+3.7	17.1	3(–)	15.7	58.5	25.8
General Business Activity	–16.3	–26.8	+10.5	12.8	4(–)	14.6	54.5	30.9

*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