Energy sector gains having spillover effect for Texas
March 27 (UPI) — Gains in the energy sector are spilling over into other parts of the economy, with manufacturing getting some secondary support, a Texas economist said.
Keith R. Phillips, a senior economist at the Federal Reserve Bank of Dallas, said job growth is expected to move above the long-term average of 2.1 percent for 2017, against a 1.7 percent gain last year.
“Improvement in the energy sector is helping manufacturers that sell to this industry, and some weakening in the value of the dollar in February is reducing the strains on Texas exporters,” he said in a statement. “During the first two months of 2017, mining employment jumped at an annualized pace of 13.4 percent, and manufacturing jobs increased 6.2 percent.”
Written by Daniel J Graeber