Texas Economy Slower in Recent Months via Dallas Fed

Texas job growth has been persistently above trend this year, with jobs growing at an annual pace of 3.2 percent through October. In recent months, however, the pace of employment growth has slowed. Exports have generally declined since February, causing a weakening in Texas manufacturing. Continued low prices for natural gas have also led to some slowing in the energy sector. Offsetting this somewhat, construction activity has accelerated. Looking forward, the Texas Leading Index increased for the fourth consecutive month in October, although the pace of increase has moderated. The outlook components of the Dallas Fed’s three Texas Business Outlook Surveys all weakened in November, suggesting somewhat weaker growth ahead.

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