Dallas Fed: Texas economic slowdown continues

​​​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 inMarch. The price was 21 percent lower year over year.
• The price of natural gas dropped again
  to $1.70 per millionBTU 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.