While Texas had a stronger recovery from the COVID-19 pandemic than the nation as a whole, things are starting to cool off, according to the Federal Reserve Bank of Dallas.
Levi Southerlan , front, a fabrication engineer with TXRX, retrieves a laser cut wooden key chain programmed by students during Manufacturing Day Houston, held at the East End Makerspace Friday, Oct. 1, 2021 in Houston, TX.What goes up, must come down, the Federal Reserve Bank of Dallas suggests in a new analysis.the state’s economic outlook is now weakeningState payrolls remain healthy, they said: Texas employment grew by an annualized 3.9 percent in the third quarter--down from 5.
But there has been “an overall moderation in economic activity relative to earlier in the year,” according to the executives. Manufacturers, for example, have seen new orders fall even as production continues to increase. Executives also are struggling with rising prices amid ongoing inflation. And then there’s the housing market. The Federal Reserve has raised interest rates six times this year -- including four hikes of three-quarters of a point -- to rein in inflation. Sectors sensitive to interest rates have been significantly affected by these increases, even if consumers have yet to notice relief.
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