A sharp drop in retail sales slowed the ongoing expansion of the Texas service sector in April and put a damper on outlooks for business conditions, according to a monthly report from the Federal Reserve Bank of Dallas.
The state revenue index, a key measure of service-sector activity across Texas, dropped to 6.1 in April from 15.4 the prior month, according to the Texas Service Sector Outlook Survey. The lower, positive number suggested that the sector continued to expand, but at a slower rate.
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