Activity in the U.S. services sector showed signs of cooling in February, according to the latest Dallas Fed Services Revenues index. The indicator eased to 4.1 in February 2026, down from 7.8 in January 2026, signaling slower, but still positive, revenue growth for service providers in the region.
While a reading above zero continues to indicate expansion, the pullback suggests that the pace of growth has moderated compared with the start of the year. The February figures, updated on 24 February 2026, may prompt investors and economists to watch forthcoming regional and national surveys closely for confirmation of whether this represents a temporary pause or the start of a broader deceleration in U.S. services activity.
