Texas service industry on the rise
Wed, 01 Jan 2014 21:00:00 GMT —
AUSTIN, Texas (AP) - The Federal Reserve Bank of Dallas says retail sales in Texas remained strong, sparking growth throughout the state's service sector in December.
The Texas Service Sector Outlook Survey reports that, according to an analysis released Tuesday, the state's revenue index increased to 16.0 during the month.
The index was up from an 11.4 reading in November - suggesting that the sector's revenue growth had accelerated.
The monthly Texas Service Sector Outlook Survey reports that the December level is the highest since September 2012. The index is a key measure of activity in Texas' private service-providing industries.
Despite rising retail sales, however, the pace of growth fell some in December. The state retail sales index dipped to 15.2 during the month, down from 20.3 in November.
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