Comerica’s Texas Economic Activity Index ticked down a point in August to a reading of 98. That’s against a benchmark level of 100 for 2008. Chief economist Robert Dye says weak job growth was one of the main reasons for the decline.
“If you look over the last couple of months in Texas, we’re sort of stalled right around this 10,600,000 mark for total, non-agricultural employment, consistent with the same type of pattern we’re seeing across the US.”
Dye says recession and sovereign debt crises in the euro-zone could act as a drag on Texas’ economy near term. Even so, he expects the state’s job growth will pick up over the coming months, thanks in part to the rebounding of crude oil prices.