Federal Reserve Bank of Dallas

26/11/2024 | Press release | Archived content

Dallas Fed: Texas service sector activity growth picks up slightly, growth in retail sales resumes

News Releases

November 26, 2024

DALLAS-Texas service sector activity expanded at a slightly faster pace in November than the prior month, according to business executives responding to the Texas Service Sector Outlook Survey.

"Texas service sector activity expanded at a slightly faster pace in November than the prior month," said Jesus Cañas, Dallas Fed senior business economist. "In addition, labor market measures suggested a resumption of employment growth and an improvement in workweeks. Input price pressures eased, while selling price and wage pressures held steady. Finally, perceptions of broader business conditions improved significantly, and uncertainty fell to the lowest level since mid-2021."

Key takeaways from the service sector survey:

  • The revenue index increased to 10.9.
  • The employment index jumped to 5.1 from -0.2, while the hours-worked index increased to 4.8.
  • The input price index fell seven points to 19.0 and the selling price index was little changed at 2.8.
  • The wages and benefits index was unchanged at 16.4.
  • The general business activity index increased eight points to 9.8, its highest reading since early 2022.
  • The company outlook index increased six points to 10.1, also its highest level in more than two years.

Texas retail sales grow in November

Key takeaways from the retail survey:

  • The sales index increased 16 points to 4.6, its highest level in more than two years.
  • The employment index climbed 10 points to 5.7.
  • The general business activity index rebounded to 8.2 from -19.8.

From Nov. 12-20, the Dallas Fed asked a series of special questions on expected demand and operating margins in the Texas Business Outlook Surveys.

The Dallas Fed conducts the survey monthly to obtain a timely assessment of activity in the state's service sector, which represents almost 70 percent of the state's economy and employs about 9.5 million workers.

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Media contact:
Jon Prior
Federal Reserve Bank of Dallas
Phone: 214-922-6857
Email: [email protected]