August 2, 2019
Business executives responding to the Federal Reserve Bank of Dallas’ Texas Service Sector Outlook Survey indicated a fast-paced growth in July 2019. The revenue index increased from 13.6 in June 2019 to 20.9 in July; the Dallas Fed indicated that one-third of respondents reported an increase in revenues.
The employment index increased from 6.9 to 8.7, and hours worked increased by nearly three points to 7.6. The wages and benefits index rose from 16.9 to 19.2.
Meanwhile, the index measuring uncertainty declined slightly, while remaining elevated, while the company outlook index fell by one point to 3.6. The capital expenditures index fell to 7.9, its lowest reading since 2016, and the outlook uncertainty remained elevated, but did fall slightly. Retail sales, in the meantime, were flat.
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