September 25, 2016
The Texas economy presented a mixed picture in August. While employment increased overall and the energy sector is showing signs of life, exports continued declining, according to data from the Federal Reserve Bank of Dallas.
Employment in the Lone Star State increased by 2.6% at an annualized rate, and outperformed the nation for a second month in a row. The oil and gas sector saw an annualized increase of 1.2% in August, reversing a 19-month streak of negative numbers.
But Texas exports fell by 7.0% in July, representing the largest monthly drop since January 2009. Real exports were 14.7% below July 2016’s reading; at their lowest level since March 2011.
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