Texas Economy Expanding at a Moderate Pace via Dallas Fed

Recent data signal moderate growth in Texas economic activity. While payroll employment growth in the first quarter decelerated slightly from the third and fourth quarters, Texas continued to exceed the U.S. rate. The state unemployment rate edged up to 5 percent in March but remained below its natural rate. Texas Business Outlook Survey (TBOS) headline indexes in April pointed to somewhat slower growth in manufacturing and services but a pickup in retail.

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