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Texas service sector performing at worst record in months

Posted at 4:23 PM, Sep 28, 2021
and last updated 2021-09-28 19:40:51-04

DALLAS, Texas — Activity in the Texas service sector showed a slightly slowed performance in the month of Sept.

In this month's Texas Service Sector Outlook Survey, conducted by the Dallas Federal Reserve, activity decelerated in comparison to Aug.

The revenue index declined two points to 14.5 - the weakest reading since Feb.

Economists site the rise of active COVID-19 cases as one of the reasons for the Sept. decline.

"We've seen some deceleration in September, I think due to a number of factors, COVID again being one of them," said Christopher Slik, associate economist, Federal Reserve Bank of Dallas. "But it's also associated with that the supply chain disruptions and the ongoing labor market tightness that we've been seeing throughout the state."

Despite the deceleration, the Dallas Fed is hopeful for a positive fourth quarter of 2021, as well as a strong start to 2022.

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