Friday, March 21, 2014

Houston Economic Update March 2014 via Dallas Fed

The Houston Business-Cycle Index increased at a slower 3.1 percent rate in January, after climbing a revised 3.8 percent in December. This would imply that economic conditions, while still robust, softened slightly in January. Slower growth in employment was counterbalanced by solid indicators of employment demand, area production indexes and continued improvements in Houston’s largest service industries. Taken together, in light of the negative and temporary effects of a severe winter, these indicators continue to signal a healthy economy.

January employment growth slowed to 1.7 percent overall. Construction and mining and the “other services” category posted the fastest growth rates, representing an addition of 2,000 and 600 jobs, respectively. Leisure and hospitality declined the fastest (losing 1,600 jobs). Financial activities had its sixth consecutive month of decline. The Houston area unemployment rate dropped to 5.5 percent in January, its lowest level since October 2008. This occurred while the labor force declined slightly. December unemployment was a revised 5.7 percent. The U.S. unemployment rate was 6.6 percent in January.

Read more...Houston Economic Update March 2014 via Dallas Fed

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