The Texas economy has softened with lower labor demands and manufacturing output, according to the latest report from the Federal Reserve Bank of Dallas.
On Thursday, the Dallas Fed said wage and price pressures have also eased, adding that it previously overestimated the state’s full-year job growth.
“There is also evidence that Texas payroll job growth this year has been overestimated and may not reach its 2.0% long-term trend rate in 2023,” the report said.
Texas employment growth fell from 4% during the third quarter to 3.5% in the fourth quarter through November.
In August, the Dallas Fed had projected the state would add 674,000 jobs for the year. The latest estimate saw a downward revision to 452,000. Job estimates, also known as benchmarking, are compiled using quarterly data from the U.S. Bureau of Labor and Statistics….