In a new video
, Dallas Fed business economist Jesus Cañas says revised employment data show Texas weathered a more challenging first quarter than previously thought, but there are signs of improvement.
“Actual employment data for first quarter tell us that the Texas economy didn’t grow as fast as we had anticipated,” Cañas said. “The combination of slow growth in the U.S. economy during the first quarter and oil prices around the low $30s heavily impacted the Texas economy.”
Cañas also notes that growth picked up in the second quarter, and higher oil prices have eased some of the pain in the oil patch, contributing to a more optimistic outlook for the second half of the year.
Watch the video»