The Federal Reserve Bank of Dallas released its most recent beige book and Eagle Ford job growth was noted as part of the steady labor market.
The report states “Financial firms added employees to comply with regulatory stress testing and wealth management, and noted employment growth in Austin and the Eagle Ford Shale area. Several contacts reported difficulty finding qualified people to fill vacancies…. A construction-related manufacturer noted truck drivers were in short supply.”
Notes on the energy sector included:
Energy activity improved since the last report. The Texas rig count increased, and contacts noted strong global demand. Respondents expect further improvement in the second half of the year, especially due to anticipated increases in rig activity and production from the Gulf of Mexico.
Other highlights include:
- Manufacturing activity increased overall, and many contacts were more optimistic in their outlooks.
- Drought conditions worsened across the Eleventh District.
- Refiners said operating rates and margins were up over the reporting period.
- Automobile sales were steady over the reporting period, and demand remains above year-ago levels.
- Transportation service firms said overall cargo and container volumes increased over the reporting period. Railroad contacts reported notable increases in motor vehicles, petroleum, lumber……
- ..commercial real estate sector said leasing activity for office and industrial warehouse space continued at a steady pace.
The Dallas Beige Book summarizes recent economic conditions in the Eleventh District. Read the full report at dallasfed.com