Texas Economic Indicators
There is good news in the Leading Economic Indicators released on Friday. Each month the Dallas Federal Reserve Bank (Dallas Fed) posts its rendition of how the State of Texas and our metro areas are faring. On Friday, June 26th, the Dallas Fed noted that Texas’ economy expanded only ‘modestly’ in May with employment growing at 2.1% annual rate in May. It noted that Exports rose in April and that construction contract values increased in May. Most significant is that the Texas Leading Index rose in April for the first time since August 2014.
This Index uses key economic indicators to forecast employment growth and in April it edged up only 0.8%. The net change over past three months remained negative, falling to 1.29% from February to April. And, new unemployment claims continued to rise along with the Texas value of the dollar, negatively impacting the index. Help-wanted index turned down while the trend in energy-related components diverged with oil prices increasing yet well permits continued to decline.
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