The state revenue index, a key measure of activity at private service-providing firms, held essentially steady with a reading of 21.0 in August, just a tick lower than the 21.5 reading in July, according to the
Positive numbers generally indicate expansion, with greater figures suggesting a faster rate of growth.
The steady rate of growth in the service sector belied a decline in the expansion of the manufacturing sector. In a similar report issued Monday, the Dallas Fed said factory activity continued to expand in August, but it had scaled back from the blistering pace it set the month before.
Another strong month of retail sales growth helped extend July's service-sector growth into August. The state sales index dipped to 20.6 this month from 22.0 in July, marking the 14th consecutive month of accelerating activity, according to the
The strong month for the state's retailers matched the rising confidence of consumers around the country.
The onset of summer
Retailers and managers at other service-providing firms noted a somewhat less optimistic take on business conditions around the state, although those declines came off some of the highest readings ever recorded by the Dallas Fed surveys. All the surveys' measures of current and future business outlooks remained in solidly positive territory.
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