Regional economic activity rose at a slightly faster pace during the past six weeks. Employment growth picked up in July, and the August reading of the Texas Service Sector Outlook Survey (TSSOS) suggested a pickup in activity, particularly in the retail sector. Export growth was robust in July after pausing in June, and energy activity strengthened.
Texas’ employment growth was quite volatile in the first part of the year but has settled at roughly the long-run average of 2 percent since 1990. However, federal government payrolls continue to decline as a result of the sequester, holding back employment growth in metros with high military or health care concentrations—such as San Antonio and El Paso.
Read more...Regional Growth Accelerates Slightly - Dallas Fed