Regional economic indicators point to stronger job and output growth in the first quarter of the year. Improvement has been pronounced and broad based, although growth slowed in March. Since December, Texas job growth has surged, unemployment has dipped, survey indexes have posted strong readings for production and revenue, retail sales have increased and exports have risen further. The Texas Leading Index increased in February for the fifth consecutive month. However, construction remains subdued, house prices are still depressed and purchasing power is undermined by high fuel and food prices.
Employment Growth Strong
First-quarter employment grew at a rapid rate of 3.1 percent in Texas (annualized), compared with 1.9 percent in the nation (Chart 1). The pace slowed as the quarter progressed. Employment grew at an annualized rate of 6.8 percent in January, 2.3 percent in February and 0.4 percent in March. The unemployment rate fell from 7.1 percent in February to 7 percent in March.
First-quarter job growth was broad based. All major industries except government saw employment increases. Notably, construction employment rose 7.2 percent (annualized) in the quarter after falling in the last two quarters of 2011.
Read more...Regional Economy Picks Up - Dallas Fed
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