February 4, 2020
The number of Texas jobs generated continued on the rise, with employment growing at an annualized 2.6% in December 2019. According to data released by the Federal Reserve Bank of Dallas, the growth rate is above Texas’ long-run average pace of 2.1%. Job growth was strongest in Austin (9.4%) and Dallas (6.2%). Meanwhile, the unemployment rate niched up to 3.5%.
The Texas Leading Index, which the Dallas Fed uses to estimate employment forecast, fell 0.2% in December. “New unemployment claims, well permits and the U.S. leading index were drags on the Texas Leading Index,” the Dallas Fed analysts said.
Home inventories were tighter, falling to 3.5 months supply. Inventories are below their long-run averages, partly due to solid demand, the Dallas Fed said.
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