After two years of fast economic growth, Texas is well-positioned to weather a potential national recession, according to a senior economist at the Federal Reserve Bank of Dallas.
. The country’s unemployment level also dropped slightly to 3.4% — the lowest rate in over five decades.
It’s unclear what these latest figures look like in Texas because the federal agency has yet to release data for individual states. But the stateby adding 650,100 nonfarm payroll jobs, and it continued a 14-month streak of record employment with its December figure. This doesn’t mean the Federal Reserve’s interest rate hikes are not having a broad impact in the economy, Orrenius noted.
In Texas, she pointed to decreasing home prices from the recent peak in mid-2022, as well as declining volumes of commercial and residential real estate and consumer loans. In addition, the state is seeing slower growth in sales tax revenue, which indicates less of an increase in consumption. Similarly, inflation in the state is dropping month over month.
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