Thursday, June 18, 2015

Houston Economic Indicators June 2015 via Dallas Fed

After five months of slowing from its October 2014 peak, the growth rate of the Houston Business-Cycle Index turned negative in April as the index contracted by an annualized 3.6 percent due to a very weak April employment report. This is the first negative reading since October 2011 and the sharpest decline since November 2009. While weakness in the oil field is arguably spilling over into other sectors, many of the region’s nonenergy industries, such as health care and other personal services, are faring better. On balance, the Houston outlook continues to erode in the near term.

Total nonfarm employment fell an annualized 2.8 percent in April, making it the weakest payroll report since November 2009. Year-to-date job growth declined at an annual rate of 0.4 percent. Professional and business services, financial activities and other services joined manufacturing, construction and mining employment in negative territory for the year. Sharp April losses in construction and mining were concentrated in support activities for mining. All other supersectors picked up steam in April.

Read more...Houston Economic Indicators June 2015 via Dallas Fed

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