February 1, 2017
Though Texas service activity did expand, it did so at a slower pace. The revenue index, a measure of state service sector conditions, fell from 21.3 in December 2016 to 16.2 in January 2017, according to data from the Federal Reserve Bank of Dallas. Additionally, the labor market index was down, moving from 6.9 in December to 4.8 in January. The hours worked index, at 4.8, was similar to December’s.
Also increasing at a slower pace were retail indices. Though retail sales increased in January, they did so at a slower rate than in December. The sales index, at 19.8 in December, dropped to 7.4 in January, with inventories growth increasing at a faster pace.
While retailers’ perceptions of broader economic conditions were less optimistic, those in the service sector were happier with the conditions.
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