Economic growth in the Eleventh District moderated somewhat as oil prices fell to five-year lows. Oil well permits and the Texas rig count have seen significant declines, and exports have continued to fall.
Conditions outside the energy sector were generally upbeat in December data as payroll employment rose an annualized 3.7 percent, the unemployment rate continued to trend downward and the Texas Business Outlook Survey (TBOS) indexes remained positive. However, TBOS indexes fell markedly in January. The headline manufacturing production index came in near zero, and the service sector revenue index dipped as well.
Read more...Regional Outlook: Moderate Growth Ahead - Dallas Fed
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