Dallas Fed: Texas economic slowdown continuesDallas Fed: Texas economic slowdown continueshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=129002016-04-19T05:00:00Z2016-04-19T16:00:00Z

​​​DALLAS – The Federal Reserve Bank of Dallas yesterday released its summary of Texas economic indicators for March. Among the findings:

  • Texas employment grew at a 0.1 percent annualized pace in March, while the nation’s grew at a 1.8 percent rate. Texas gained 520 jobs after adding 7,900 in February. Current Texas employment stands at nearly 12 million.
  • The state's unemployment rate held steady at 4.3 percent. That reading continues to be lower than the U.S. rate, which ticked up to 5 percent.
  • The Dallas Fed’s Texas Employment Forecast reported a 2016 estimate of 1 percent growth (December over December), up from the 0.7 percent increase forecasted in March.
  • The leisure and hospitality sector recorded the fastest rate of increase at 5.5 percent in the first quarter, followed by educational and health services, and trade, transportation, and utilities. Employment in goods-producing sectors contracted during the quarter, with oil and gas extraction posting the largest decline at 24.6 percent.
  • Texas exports climbed 6.6 percent in February following a 1.2 percent dip in January.
  • West Texas Intermediate crude oil jumped from $30.60 per barrel in February to $37.80 in March. The price was 21 percent lower year over year.
  • The price of natural gas dropped again to $1.70 per million BTU in March, down 13.3 percent from February and 39.3 percent lower than March 2015.
  • The Texas rig count fell for the seventh consecutive month, declining from 244 in February to 218 in March. The rig count remains 55.7 percent below March 2015 levels.

Federal Reserve Bank of Dallas
http://dallasfed.org/assets/documents/research/indicators/tei/2016/tei160418.pdfRead more at {Source}

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