NEW YORK - Texas service sector activity increased in March, according to business executives responding to the monthly Dallas Fed Texas Service Sector Outlook Survey.
The TSSOS revenue index--a key measure of state service sector conditions--fell from 22.8 to 16.5, which suggests revenue growth slowed slightly.
Positive readings in the survey generally indicate expansion of service sector activity, while readings below zero generally indicate contraction.
Labor market indicators also reflected slower growth. The employment index fell to 7.7, its lowest reading in four months, and the hours worked index edged down but remained in positive territory.
Respondents noted continued improvement in the broader economy as indexes reflecting general business conditions remained strong but declined slightly. The general business activity index moved down to 18.9, its fifth consecutive positive reading.
Indexes of future service sector activity remained in positive territory.
Retail sales increased in March, according to business executives responding to the Texas Retail Outlook Survey. The sales index rose from 17.5 to 22, marking 10 consecutive months of sales increases. Inventories rose.
Indexes of future retail sector activity generally remained in solid positive territory in March.