One third of respondents to the Texas Service Sector Outlook Survey of the Dallas Federal reserve noted wage increases compared with last month.
“Labor market indicators suggest continued growth in hiring and a lengthening of average hours worked,” noted the report.
Meanwhile the selling price index of the Texas service sector rose 7% and the input price index rose by 10% as inflation continued to push prices higher.
In general perceptions of broader business conditions in the Texas service sector continued to improve, though moderated slightly compared to October.
“Other future service sector activity indexes such as employment and capital expenditures were mixed but remained positive, indicating that on net, firms expect continued improvement in activity in the first half of 2022,” noted the report’s authors.
By Feike de Jong