Texas' heatwave is roasting the state's economy, according to Dallas Fed

Texas' record-breaking heatwave is wilting the state's economy, according to a survey of businesses conducted by the Federal Reserve Bank of Dallas. More than a third of respondents in the state's service sector said extreme temperatures have are the driving cause for recent declines in revenue or production. More than half of service-sector businesses said that lower customer demand — something also attributable to unrelenting heat — play a key role  in their dwindling sales. And it's not just the service sector that's getting baked by the scorching weather, according to the Dallas Fed. Nearly half of the state's manufacturers and 35.3% of its retailers said higher-than-usual temperatures are the primary cause for declines in revenue or production.