Service Sector Expands, Retail Remains Solid

Surveys conducted by the Federal Reserve Bank of Dallas showed that Texas’ service sector continued its expansion. Meanwhile, when it came to retail, survey respondents indicated that sales continued to grow, though the sales index did dip slightly.

Respondents to the Texas Service Sector Outlook Survey noted continued employment growth and longer workweeks during September 2018. The revenue index, a measure of state service sector conditions stood at a four-year high of 26.9 in September, up from the 21.5 in August. The general business activity index (25.6) and company outlook index (21.2) were at their highest levels since 2014.

On the Texas Retail Outlook Survey side, the general business activity index stood at 21.2, from August’s 13.7, while the company outlook index increased 16 points to 22.7. The sales index was at 24.2 (down from August’s 25.8), while growth inventories picked up.

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