It's a low tier indicator but with the Fed unsure about the economy, everything counts:
- Retail sales index -3.6 vs +11.5 prior
- Employment 6.1 vs 10.1 prior
From the report:
"Service sector activity continued to reflect expansion in August, according to business executives responding to the Texas Service Sector Outlook Survey. The revenue index, a key measure of state service sector conditions, remained positive but retreated from 19.1 to 9.3.
Labor market indicators reflected slower employment growth and slightly longer workweeks this month. The employment index fell 4 points to 6.1. The hours worked index dipped from 5.3 to 2.3. Perceptions of broader economic conditions reflected less optimism in August. The general business activity index declined from 7.9 to 2.1. Retail sales declined in August, according to business executives responding to the Texas Retail Outlook Survey. After two consecutive
months in positive territory, the sales index plunged from 11.5 to -3.6. Inventories increased at the same pace as last month. Labor market indicators worsened in August."
