The Dallas Fed's general business activity index jumped 6.4 points from the previous month to 2 in July of 2025, the first positive reading since February, to reflect fresh optimism among the district's business activity. The result was in line with improving leading indicators in the US as a series of agreements by White House officials drove tariff threats do de-escalate, likely reducing inflation expectations. The revenue index surged by 10.4 points to 6.3. In the meantime, employment increased by 4 to 2.8 and wages rose by 15.6 to 13.4. Consistently, the index measuring expectations of future revenue remained high at 31.1, although the figure was 2.1 points below that from June.