Over the past six weeks, the Eleventh District economy grew at a moderate pace. Employment growth for January was sluggish; however, the Texas Business Outlook Surveys (TBOS), the Dallas Beige Book and the Texas Leading Index indicated a pickup in activity since the last report. Housing remained strong with inventory levels approaching record lows, the energy sector improved even as oil prices fell, and Texas exports grew in recent months. Employment growth of 2 to 3 percent is likely for 2013.
Texas total nonfarm employment grew at a strong 3.1 percent clip in 2012, with almost every major sector contributing to the expansion. January was sluggish, however, coming in at a 0.4 percent annual rate. The unemployment rate ticked up in January, as well, reaching 6.3 percent. However, the unemployment rate remains far below its peak of 8.3 percent reached in 2010 and well below the current national unemployment rate of 7.7 percent (Chart 1).
Read more...Regional Economy’s Growth Broad-Based - Dallas Fed