Regional economic activity appears to be improving, and the oil-driven slump may be nearing an end.
Texas job growth continues to accelerate, rising an annualized 2.1 percent in September and lifting year-to-date growth to an annualized 1.4 percent. After incorporating the second-quarter early benchmark, the Dallas Fed revised its forecast for 2016 employment growth up to 1.5 percent (December/December), which, if it comes to fruition, would surpass last year’s 1.3 percent increase. If there are additional downward revisions to state employment data, like those in the first half of the year, third-quarter growth could come in weaker than the current 2.6 percent increase.
Read more...Could This Be the End of the Texas Slump? - Dallas Fed