Texas Service Activity Index Improves in December

The Dallas Fed general business activity index for Texas’s service sector improved by 2.9 points from the previous month to -8.7 in December of 2023, but extended the momentum of negative readings for the 19th straight month. The company outlook index improved by 7.4 points to -0.7, supported by a sharp rebound in revenue (+6.7 to 4.3) and capital expenditures (+5.7 to 9.8). On the other hand, gauges for employment (-1.5 to 4.2), part-time employment (1.1 to 0.1), and wages and benefits levels (-0.4 vs 16.4) remained in the positive territory but deteriorated. On the price front, both input costs (+3.3 to 35.4) and output charges (+2.1 to 13.4) increased.

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