Texas’ economic growth is cooling off amid slowing labor market, fed report says

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Texas’ economy has seen continuous outsized growth in recent years. But the state’s economic projections are beginning to soften, according to the Federal...

The economic forecast from the Dallas Fed suggests 266,100 jobs will be added in the state this year, with December employment reaching 14.3 million.Jobs across the state are now expected to increase 1.9% in 2024, a decrease from the previous 2.4% growth forecast.The slower outlook in the year’s second half can be attributed to a cooling labor market and job losses in the service sector, said Luis Torres, Dallas Fed senior business economist.

For some workers, the economic slowdown translates to lost jobs. Nearly 2,700 Tesla employees in Austin were laid off in June and nearlyThe forecast from the Dallas Fed suggests 266,100 jobs will be added in the state this year, with December employment reaching 14.3 million.Weak US hiring in July slams global markets, Dow plunges 900 points as unemployment climbs

Employers added just 114,000 jobs in July – 35% fewer than expected – and unemployment, now at 4.3%, is the highest since October 2021, the Labor Department reported Friday.In an interview on "Fox News Sunday," Transportation Secretary Pete Buttigieg took on the record of former President Donald Trump, criticizing broken promises on economic growth and on delivering an infrastructure bill. PolitiFact looked at the numbers., Business Reporter.

 

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