The Texas economy expanded moderately in June. The Dallas Fed's Texas Business-Cycle Index, an aggregate measure of the region's current economic activity, rose at an annualized rate of 3.4 percent. Year-to-date, the index has increased an annualized 3.5 percent, suggesting a deceleration in growth from last year's 4.2 percent pace.
State payroll employment rose by 15,100 workers in June—for annualized growth of 1.8 percent, according to data released by the Texas Workforce Commission and seasonally adjusted by the Dallas Fed (see table). The labor market remained tight during the month—the Texas unemployment rate stayed at a record low of 4.1 percent.
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