Economic conditions in Texas and parts of two neighboring states "continued to firm up over the past six weeks," according to a Federal Reserve report released Wednesday.Ten of the 12 districts of the Federal Reserve reported increased economic activity for the six weeks ending Jan. 4, up from eight during the previous period. Only Philadelphia and Richmond, Va., saw mixed conditions. " src="http://www.dallasnews.com/sharedcontent/dws/img/v3/01-14-2010.NB_14beige.G4V2OJ9TF.1.jpg" onclick="return clickedImage(this);" onmouseover=" this.style.cursor='hand'" alt="KAREN BLEIER/Getty Images" width="175" height="102">
"Contacts in several industries, most notably retail, high-tech manufacturing and staffing services, reported improved demand," the Fed's Beige Book report for the Dallas district said.
But the regional economy is likely to show only "a slow and modest improvement in the near term," said the report, based on information collected through Jan. 4.
Nationally, 10 of the 12 Fed districts reported some increased activity or improvement in economic conditions, compared with eight last month. Philadelphia and Richmond, Va. reported mixed conditions.
The Beige Book, released eight times a year, provides anecdotal insight into regional economic conditions around the country.
The Fed's Dallas district includes Texas and parts of Louisiana and New Mexico.
The Dallas district report also said:
•Most contacts noted stable employment levels, but a few construction-related manufacturing firms reported payroll declines.
•Loan demand was still "soft," and most respondents said they did not expect significant improvement until late 2010.
•"New and existing home sales rose over the past six weeks," the report said, while "office and industrial leasing activity remained feeble."
•Retail activity increased, and "the holiday season was shaping up to be a reasonable one," retailers said.
•Imports have dropped and exports haven't picked up as expected, according to intermodal freight transportation firms. Railroad contacts noted continued declines in cargo volume.
Thursday, January 14, 2010
Texas economy "firming up"?
The Dallas Fed is reporting that the Texas economy is firming up (link). Excerpt follows...
More than Kay's bailout vote... or her vote on that health care filibuster... or her pro choice views... or her criticism of Rick on rejecting parts of the federal stimulus package, I think the relative strength of the Texas economy is what is going to win this election for Rick... it seems like every other day there is another ranking showing Texas at or near the top of the rankings when it comes to economic development, jobs, and other fiscal and economic indicators...
If Texans perceive that the economy in Texas is doing better than the economy in the nation in total I think Rick wins. If something terrible happens and the Texas economy crashes in the next six weeks I think Kay will have a much better chance...