October 29, 2019
Texas employment during September 2019 grew at an annualized 0.7%, following a 1.8% annualized rate the month before. Job growth continued below the state’s long-run average of 2.1% for the second month in a row. According to information from the Federal Reserve Bank of Dallas, the cause is a tighter labor market. The unemployment rate in Texas held steady at 3.4% for the fourth month in a row. The Dallas Fed’s Texas Employment Forecast predicts a 2.1% job growth in 2019, from December to December.
Also something to watch has been energy and exports. Natural gas prices slipped while oil inched up, but only slightly. Dallas Fed analysts point out that natural gas prices have been on a downward trend since its November 2018 peak, and oil prices have been more volatile. Exports, in the meantime, ticked up to $28.7 billion in August 2019, but agricultural exports slipped for the first time since December 2019.
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