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Texas Service Sector Activity Declines But at Slower Pace
The freefall decline that characterized Texas service sector activity in March and April showed signs of abating in May, according to business executives responding to the Texas Service Sector Outlook Survey. The revenue index, a key measure of state service sector conditions, rebounded sharply from -65.3 in April to -28.1 in May. While nearly half of respondents continued to note declines in revenue compared with last month, the rising share of firms noting increased revenue—up about 13 percentage points to 21.4 percent in May—suggests a significant slowing in the rate of deterioration. Labor market indicators ... (full story)