Texas Service Sector Outlook Survey

Surveys

August 30, 2022

Results Table

Business Indicators Relating to Facilities and Products in Texas Current (versus previous month)
Indicator	Aug Index	Jul Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Revenue	7.2	9.5	–2.3	11.2	25(+)	30.5	46.1	23.3
Employment	8.5	14.5	–6.0	6.5	25(+)	18.9	70.7	10.4
Part–Time Employment	1.3	1.6	–0.3	1.6	21(+)	7.5	86.3	6.2
Hours Worked	3.1	5.0	–1.9	2.9	24(+)	9.2	84.7	6.1
Wages and Benefits	26.1	28.0	–1.9	15.5	27(+)	29.3	67.5	3.2
Input Prices	44.9	49.9	–5.0	27.0	28(+)	48.7	47.5	3.8
Selling Prices	23.5	25.7	–2.2	7.1	25(+)	29.9	63.7	6.4
Capital Expenditures	10.4	16.4	–6.0	10.1	24(+)	19.3	71.8	8.9

General Business Conditions Current (versus previous month)
Indicator	Aug Index	Jul Index	Change	Series Average	Trend**	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	–2.4	–5.2	+2.8	5.4	3(–)	14.2	69.2	16.6
General Business Activity	–5.7	–10.9	+5.2	3.9	3(–)	13.8	66.7	19.5

Indicator	Aug Index	Jul Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty†	20.1	22.3	–2.2	12.6	15(+)	29.2	61.7	9.1

Business Indicators Relating to Facilities and Products in Texas Future (six months ahead)
Indicator	Aug Index	Jul Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Revenue	40.4	35.3	+5.1	37.9	28(+)	52.0	36.4	11.6
Employment	30.5	31.2	–0.7	23.1	28(+)	38.4	53.8	7.9
Part–Time Employment	9.6	6.3	+3.3	7.0	2(+)	13.8	82.0	4.2
Hours Worked	3.4	3.9	–0.5	6.0	28(+)	10.6	82.2	7.2
Wages and Benefits	48.2	50.8	–2.6	37.1	28(+)	51.9	44.4	3.7
Input Prices	53.4	57.7	–4.3	44.4	188(+)	56.7	40.0	3.3
Selling Prices	36.4	37.0	–0.6	24.3	28(+)	43.1	50.2	6.7
Capital Expenditures	18.9	25.0	–6.1	23.6	27(+)	29.4	60.2	10.5

General Business Conditions Future (six months ahead)
Indicator	Aug Index	Jul Index	Change	Series Average	Trend**	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	5.7	2.5	+3.2	16.6	2(+)	23.8	58.1	18.1
General Business Activity	–0.9	–7.5	+6.6	13.8	4(–)	20.9	57.2	21.8

August 30, 2022

Results Table

Business Indicators Relating to Facilities and Products in Texas Retail (versus previous month)
Indicator	Aug Index	Jul Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Retail Activity in Texas
Sales	–5.4	–19.4	+14.0	5.0	6(–)	29.7	35.1	35.1
Employment	4.1	5.4	–1.3	2.0	2(+)	13.7	76.7	9.6
Part–Time Employment	–4.4	–1.1	–3.3	–1.6	3(–)	7.9	79.8	12.3
Hours Worked	–3.9	0.3	–4.2	–1.7	1(–)	7.3	81.5	11.2
Wages and Benefits	17.7	19.2	–1.5	10.9	25(+)	21.7	74.3	4.0
Input Prices	38.1	39.7	–1.6	21.9	28(+)	51.7	34.7	13.6
Selling Prices	32.9	31.9	+1.0	13.8	27(+)	45.4	42.0	12.5
Capital Expenditures	7.3	9.6	–2.3	8.1	19(+)	19.0	69.3	11.7
Inventories	2.5	13.2	–10.7	1.9	2(+)	29.4	43.7	26.9
Companywide Retail Activity
Companywide Sales	–11.9	–18.3	+6.4	6.4	4(–)	20.6	46.9	32.5
Companywide Internet Sales	–12.2	–17.4	+5.2	5.3	4(–)	11.3	65.2	23.5

General Business Conditions, Retail Current (versus previous month)
Indicator	Aug Index	Jul Index	Change	Series Average	Trend**	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	–11.8	–16.5	+4.7	3.2	6(–)	8.0	72.2	19.8
General Business Activity	–18.6	–22.6	+4.0	–0.4	4(–)	11.2	59.0	29.8

Outlook Uncertainty Current (versus previous month)
Indicator	Aug Index	Jul Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Outlook Uncertainty†	12.9	14.2	–1.3	10.2	15(+)	22.2	68.5	9.3

Business Indicators Relating to Facilities and Products in Texas, Retail Future (six months ahead)
Indicator	Aug Index	Jul Index	Change	Series Average	Trend*	% Reporting Increase	% Reporting No Change	% Reporting Decrease
Retail Activity in Texas
Sales	22.1	17.6	+4.5	32.6	28(+)	43.0	36.1	20.9
Employment	13.2	14.8	–1.6	13.3	28(+)	27.9	57.4	14.7
Part–Time Employment	0.3	3.0	–2.7	1.7	2(+)	11.2	77.9	10.9
Hours Worked	–5.2	4.7	–9.9	3.1	1(–)	9.0	76.8	14.2
Wages and Benefits	33.5	40.3	–6.8	29.1	28(+)	40.0	53.5	6.5
Input Prices	38.9	41.8	–2.9	34.3	28(+)	46.3	46.3	7.4
Selling Prices	33.3	25.5	+7.8	30.2	28(+)	50.0	33.3	16.7
Capital Expenditures	3.7	16.7	–13.0	18.0	27(+)	22.6	58.5	18.9
Inventories	11.3	26.4	–15.1	10.7	28(+)	37.1	37.1	25.8
Companywide Retail Activity
Companywide Sales	12.9	1.0	+11.9	31.1	28(+)	37.2	38.5	24.3
Companywide Internet Sales	15.5	9.1	+6.4	22.6	29(+)	31.1	53.3	15.6

General Business Conditions, Retail Future (six months ahead)
Indicator	Aug Index	Jul Index	Change	Series Average	Trend**	% Reporting Improved	% Reporting No Change	% Reporting Worsened
Company Outlook	–2.8	–10.1	+7.3	17.0	4(–)	17.2	62.8	20.0
General Business Activity	–13.3	–16.3	+3.0	12.7	5(–)	13.9	58.9	27.2

*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.

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