The Houston Business-Cycle Index slowed markedly in August to a still-healthy 4.4 percent growth rate from a revised 8 percent rate in July. Energy industry employment accelerated into the second half of the year, while refining and plastics continued to perform well. Overall labor market conditions remained positive despite continued tightness for key skills. Taken together, these indicators continue to imply above-average economic conditions in Houston.
Houston payroll employment grew an annualized 3.5 percent from July to August. Gains were particularly strong in construction and mining and in education and health services. Leisure and hospitality and government contracted. Over the three months ending in August, employment grew an annualized 4.1 percent.
Read more...Houston Economic Indicators October 2014 via Dallas Fed