‘Soft landing’ in Texas’ forecast, even with slowing job growth
is heading for a “soft landing” next year with slower-than-normal job growth, according to a forecast by the Federal Reserve Bank of Dallas.
The bank is predicting a below-trend 1.4% increase in jobs in the Lone Star State this year – a significant slowing from last year’s 3.5% pace. Texas’ annual job growth is typically around 2%. “That is consistent with a soft landing,” said Dallas Fed vice president and senior economist Pia Orrenius during a Friday webcast on the Texas economy.The Dallas Fed expects Texas employers to create 193,000 new jobs this year, with an estimated 13.7 million Texans working by year’s end.with 14 million Texans working at year’s end, according to U.S. Bureau of Labor Statistics. BLS is likely to report revisions to those totals in the coming months.
The Fed, which benchmarks the data and makes seasonal adjustments more frequently than BLS, pegged the state’s jobs gain at 452,000 jobs in 2022 with 13.5 million in the labor force at the end of the year. The bank’s outlook for 2023 took into account the state’s decelerating month-over-month job growth last year, as well as slowing growth in both the manufacturing and services sectors.“The summary is that the Fed’s speed bumps are having the intended effect,” Orrenius said, referencing the“Although with the caveat of [Friday’s] jobs report, perhaps,” she added.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Man sexually assaulted Texas girl after taking her from Dallas Mavericks game in trafficking scheme: CopsLaw enforcement arrested Emanuel Cartagena, 33, on Thursday, on a felony warrant for the sexual assault of a child in Dallas, Texas, the Dallas Police Department said.
Read more »
Texas executes inmate for 2007 fatal shooting of Dallas copHUNTSVILLE, Texas (AP) — Texas on Wednesday executed an inmate convicted of fatally shooting a Dallas police officer nearly 16 years ago after a high-speed chase. Wesley Ruiz, 43, received a lethal injection at the state penitentiary in Huntsville, Texas, for the March 2007 killing of Dallas Police Senior Corporal Mark Nix.
Read more »
Texas executes inmate for 2007 fatal shooting of Dallas copTexas has executed an inmate convicted of fatally shooting a Dallas police officer nearly 16 years ago following a high-speed chase
Read more »
Texas executes man convicted in fatal 2007 shooting of Dallas police officerWesley Ruiz, 43, was convicted of fatally shooting a Dallas police officer nearly 16 years ago after a high-speed chase was executed on Wednesday.
Read more »
North Texas school districts, including Dallas, Fort Worth ISDs, to close again on ThursdayMany school districts in North Texas will be closed for yet another day because of the winter weather and icy road conditions.
Read more »
Texas in jeopardy of losing an 1,800-acre state park between Houston and Dallas to developmentTexas owns most of its state parks, but not this one. It could be taken over by private development if a deal is not reached.
Read more »