TEXAS (Dallas Federal Reserve) November 29, 2017 – The Texas Economic Indicators report for October 2017 from the Federal Reserve Bank of Dallas saw Texas unemployment falling to a record low of 3.9%. The metric is at its lowest point in the series’ history, which dates back to 1976.
The low unemployment figure, combined with other fundamentals such as annual job growth (currently at 2.7%) and broad-based payroll expansion, led the Texas Business-Cycle Index to increase by an annualized 5.8% in October. The long-run average of the index is 3.9%.
The three-month moving averages of the Dallas Fed’s Texas Business Outlook Surveys reported accelerating growth in factory production, service-sector revenue and retail sales. The three-month moving average of the manufacturing production index rose to its highest level in more than 10 years.