You could use Free Transform on the Type layer, but that will also change line spacing if this is multi-line text.
What version of photoshop and operating system are you using?
What about double clicking on the text layer in the layers panel and using Ctrl+Shift+< (Cmd+Shift+<)
Ctrl+Shift+> (Cmd+Shift+>) goes larger
R. Kelly, you are a gentleman anda scholar, thank you so much! Is there a name for this highly useful shortcut? A Google for the command provides no results, how was anyone supposed to learn this?! As for anyone also looking for this, know that it functions in version CS6 on Windows 8.1.
A good many of the photoshop keyboard shortcuts are lsted here including the ones i suggested
Some of the increments are different depending on the version of photoshop your using.
I believe the increments for that shortcut, for photoshop cc (windows and mac) and photoshop 13.06 (mac) are one and five instead of two and ten