Dallas Fed data
From the Dallas Fed:
Texas service sector activity continued to reflect expansion but at a slower pace in August than in July, according to business executives responding to the Texas Service Sector Outlook Survey. The revenue index, a key measure of state service sector conditions, fell from 10.3 to 6.5.
Labor market indicators reflected faster employment growth and unchanged workweeks this month. The employment index edged up 2 points to 5.8. The hours worked index fell slightly to a reading near zero, indicating workweek length was the same as last month.
Perceptions of broader economic conditions were mixed again in August. The general business activity index reflected more pessimism, moving down from -1.3 to -5.0. The company outlook index reflected more optimism, edging up 2 points to 3.0, with 18 percent of respondents reporting that their outlook improved from last month and 15 percent noting it worsened.
Price pressures eased while wage pressures increased this month. The selling prices index dipped from 3.6 to 2.4. The wages and benefits index moved up from 10.4 to 14.2, although the great majority of firms continued to note no change in compensation costs.
Respondents' expectations regarding future business conditions reflected less optimism in August. The index of future general business activity declined from 10.1 to 2.8. The index of future company outlook fell slightly from 14.0 to 11.9. Indexes of future service sector activity, such as future revenue and employment, also reflected less optimism this month.
