05/31/2023 | Press release | Distributed by Public on 05/31/2023 12:51
News Releases
May 31, 2023
DALLAS-Growth in Texas service sector activity continued in May, according to business executives responding to the Texas Service Sector Outlook Survey.
"Texas service sector growth held steady in May, and labor market indicators pointed to continued employment growth. But there was a slight decline in part-time employment and workweeks," said Jesus Cañas, Dallas Fed senior business economist. "Perceptions of broader business conditions continued to worsen in May, and price and wage pressures eased."
Key takeaways from the service sector survey:
Texas Retail Sales Decline
"Retail sales declined in May and labor market indicators reflected a contraction in employment and continued shortening of workweeks," Cañas said. "Perceptions of broader business conditions worsened."
Key takeaways from the retail survey:
Data were collected May 16-24, and 306 Texas service sector business executives, of which 64 were retailers, responded to the survey.
For this month's survey, executives in both manufacturing and the service sector responded to special questions on prices and wages.
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.
-30-
Media contact:
Jon Prior
Federal Reserve Bank of Dallas
Phone: 214-922-6857
Email: [email protected]