Dallas Fed: June’s service-sector growth spurs optimism

TEXAS – Texas service sector activity picked up pace in June, to the Federal Reserve Bank of Dallas’ Texas Service Sector Outlook Survey. The revenue index, a key measure of state service sector conditions, rose from 13.1 in May to 16.9 in June.

Labor market indicators also improved as the employment index edged up from 13.8 in May to 16.5 in June. The hours worked index rose slightly from 4.9 to 7.3.

Perceptions of broader economic conditions reflected more optimism in June. The general business activity index surged more than 10 points to 21.1.

The company outlook index advanced from 8.7 to 17, with 23 percent of respondents reporting that their outlook improved from May and 6 percent noting it worsened.

Respondents’ expectations regarding future business conditions reflected more optimism in June, as the index of future general business activity moved up almost 5 points to 28.7.

Read more at the Federal Reserve Bank of Dallas.