The regional economy is expanding at a moderate pace, with employment growth slightly stronger in the second quarter than in the first. The Texas Manufacturing Outlook Survey (TMOS) headline index rose to its highest level in two years in June and remained at an elevated level in July, and Texas exports picked up in April and May after weakness earlier in the year. The housing and energy sectors remain major contributors to growth. The outlook for the rest of 2013 continues to project Texas job growth of 2 to 3 percent, weighed down by losses in federal government employment.
Employment growth in the first half of 2013 is just above the state’s long-term average and is outpacing many other areas of the country. Job growth was also slightly less volatile in the second quarter, suggesting that uncertainty may be affecting business decisions less than it was earlier in the year. That said, current numbers suggest job growth has slowed from last year’s stronger pace of over 3 percent (Chart 1).
Read more...Regional Economy Shows Positive Signals - Dallas Fed
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