27/08/2024 | Press release | Archived content
News Releases
August 27, 2024
DALLAS-Texas service sector activity expanded at about the same pace in August as the prior month, with expectations for growth to continue in the next six months, according to business executives responding to the Texas Service Sector Outlook Survey.
"Labor market measures suggested no growth in employment," said Jesus Cañas, Dallas Fed senior business economist. "Selling prices and wage pressures held steady, while input price pressures increased. Finally, perceptions of broader business conditions worsened slightly in August."
Key takeaways from the service sector survey:
Pace of Texas Retail Sales Decline Slows
"Retail sales activity declined at a slower pace in August than in the prior month and labor market indicators suggested a contraction in employment," Cañas said.
Key takeaways from the retail survey:
Data were collected Aug. 13-21, and 262 Texas service sector business executives responded to the survey.
About a quarter of Texas businesses reported being impacted by recent storms that hit the state, according to supplemental questions for this month's survey.
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Media contact:
Jon Prior
Federal Reserve Bank of Dallas
Phone: 214-922-6857
Email: [email protected]