🔮 Texas, one of the big winners of the pandemic economy, doesn’t appear to have special immunity from broader economic threats as 2023 begins. 2023biz 2023forecast 2023DMNforecast
This is one in a series of stories looking ahead to business challenges and trends for 2023.
Texas was one of the big winners of the pandemic economy, recovering its lost jobs faster than most and luring tens of thousands of workers and businesses from other states.But this year’s edge turns out to be not as great as advertised, not after the numbers were revised and benchmarked by the Federal Reserve Bank of Dallas. That has implications for 2023, suggesting that Texas doesn’t have special immunity from broader economic threats.
Monthly jobs reports have shown Texas employment growing over 50% faster than the U.S. But after revisions, including a major adjustment from a second quarter census of employment and wages, the gap between Texas and the nation was just 0.3 percentage points this year.While the energy sector remains a strength, there are major headwinds from inflation, higher interest rates and the slowdown in the housing market, he said.
So is Texas headed for recession? “It depends on what happens to the national economy,” Torres said. “But we’re definitely slowing down more than we thought.”a bit, down 0.6% on an annualized basis, for the three months ended in September. That compares with a 7% gain for the period a year earlier.
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