Texas service sector activity expanded in July, according to business executives responding to the Texas Service Sector Outlook Survey. The revenue index, a key measure of state service sector conditions, rose from 6.8 to 12.7, indicating activity picked up pace this month.
Labor market indicators were mixed. The employment index moved up from 4 to 9.7, suggesting hiring increased. With more staff on hand, average workweeks shrunk. The hours worked index dipped from -0.6 to -2.7.
Perceptions of broader economic conditions reflected more optimism in July. The general business activity index rose from 12.2 to 15.3. The company outlook index advanced from 3.4 to 10.8, with 18 percent of respondents reporting that their outlook improved from last month and 8 percent noting it worsened.
Read more...Texas Service Sector Outlook Survey - Dallas Fed
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