Dallas Fed: Texas Service Sector Strengthens in November; Retail Sales Spike
For immediate release: November 26, 2013
DALLAS—Texas service sector activity picked up further in November, according to the Federal Reserve Bank of Dallas’ Texas Service Sector Outlook Survey.
The TSSOS revenue index—a key measure of state service sector conditions—advanced 6 points to 11.4.
The survey is conducted monthly by the Dallas Fed to obtain a timely assessment of activity in the state’s service sector, which represents 60 percent of the state economy and employs close to 7.3 million workers.
Positive readings in the survey generally indicate expansion of service sector activity, while readings below zero generally indicate contraction.
Labor market indicators were mixed. The employment index edged down but stayed positive, indicating the pace of hiring slowed slightly. The hours worked index was similar to October, remaining slightly negative and suggesting shorter workweeks.
Perceptions of broader economic conditions reflected more optimism in November. The general business activity index rose from 6.4 to 10.3.
Indexes of future service sector activity remained in solid positive territory.
TSSOS also includes a component called the Texas Retail Outlook Survey, which uses information from respondents in the retail and wholesale sectors only.
Retail sales spiked in November, according to business executives responding to the Texas Retail Outlook Survey. The sales index jumped more than 12 points to 20.3, its highest reading in three months.
Indexes of future retail sector activity remained in solid positive territory this month.
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