04/30/2024 | Press release | Distributed by Public on 04/30/2024 13:31
News Releases
April 30, 2024
DALLAS-Growth in Texas service sector activity slowed in April, and retail sales declined, according to business executives responding to the Texas Service Sector Outlook Survey.
"Growth in Texas service sector activity slowed in April while labor market measures suggested a slight contraction in employment," said Jesus Cañas, Dallas Fed senior business economist. "Respondents continued to perceive worsening broader business conditions. On a positive note, price and wage pressures eased this month."
Key takeaways from the service sector survey:
Texas retail sales decline
"Retail sales activity declined in April, and retail labor market indicators indicated no growth in employment," Cañas said.
Key takeaways from the retail survey:
Data were collected April 16-24, and 285 Texas service sector business executives responded to the survey.
For this month's survey, Texas business executives were asked supplemental questions on artificial intelligence.
The Dallas Fed conducts the survey monthly to obtain a timely assessment of activity in the state's service sector, which represents almost 70 percent of the state's economy and employs about 9.5 million workers.
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Media contact:
James Hoard
Federal Reserve Bank of Dallas
Phone: 214-922-5307
Email: [email protected]