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Texas Service Sector Outlook Survey - Federal Reserve Bank of Dallas November 27, 2012


Texas Service Sector Outlook Survey - Federal Reserve Bank of Dallas November 27, 2012. TEXAS SERVICE SECTOR ACTIVITY EXPANDS BUT AT A SLOWER PACE Texas service sector activity expanded in November, according to business executives responding to the Texas Service Sector Outlook Survey. The revenue index, a key measure of state service sector conditions, dipped from 13.5 to 11.1, suggesting slightly slower growth. Labor market indicators reflected some employment growth, but no change in workweeks. The employment index edged up from 7.5 to 8.2, and the hours worked index was 0.7, suggesting little change in workweek length. Perceptions of broader economic conditions were slightly less optimistic in November. The general business activity index edged down from 9.3 to 7.1. Similarly, the company outlook index fell slightly from 7.2 to 5.8, with 22 percent of respondents reporting that their outlook improved from last month and 16 percent noting they worsened. Price pressures eased and wage growth slowedin November. The selling prices index fell from 8.3 to 6. The wages and benefits index moved down from 14.5 to 10.1. Respondents were markedly less optimistic about expectations regarding future business conditions than last month. The index of future general business activity moved down 6 points to 6.9, and the index of future company outlook fell sharply to 1.4, its lowest reading since August 2011. Indexes of future service sector activity, such as future revenue and employment, fell in November but remained in solid positive territory.

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