The Texas economy expanded robustly in April; the state added 31,300 jobs. Year to date, Texas has gained 87,300 jobs.

Richard Fisher's remarks at 2013 NABE Industry Conference May 16, 2013.

Uneven growth across countries is contributing to a fragile recovery, with some short-term risks easing and the focus shifting toward medium-term risks.

The regional economy grew at a moderate but slightly slower pace over the past six weeks amid mixed signals. Survey indicators dipped for both manufacturing and services in April, although the Dallas Fed’s Beige Book pointed toward stronger growth. Labor shortages and price pressures have become slightly more pronounced but remain mild.

Mexico’s economy grew at a modest pace during the first months of 2013, but signs of slowing abound. Exports and industrial production remain at or below year-end levels, employment fell for the first time since mid-2009 and retail sales fell in the most recent month’s data. Inflation has edged back up, and the peso has appreciated against the dollar despite the central bank’s March rate drop.

Economic indicators released in April were slightly softer than those released earlier in the year, dimming the outlook for above-trend growth. Output growth accelerated from its crawl at the end of last year but came in below expectations, and the details suggest that its momentum in recent months is roughly unchanged.

The headline, or all-items, PCE inflation rate for March was –1.6 percent at an annualized rate.

Texas employment slipped in March and the state lost 7,900 jobs. Year to date however, Texas has gained 56,700 jobs.

The pace of bank failures during the recent financial crisis reached a level not seen in nearly 20 years, capturing the attention of regulators and policymakers

For many uses, market value more accurately represents the debt burden faced by the U.S. government than the par value. The par value of government debt, which is reported by the U.S. Treasury Department, reflects interest rates at the time the debt was issued while the market value is adjusted to reflect market interest rates as of the observed period. Federal Reserve Bank of Dallas researchers calculated the market value of U.S. government debt series until October 2010.

Richard Fisher's remarks at the University of Texas at El Paso Centennial Lecture April 10, 2013.

The Texas economy continued to expand. Texas added 61,600 jobs in February. Year to date, Texas has gained 66,800 jobs.

In a region once known for its cattle, cotton and oil, the agricultural industry has helped build the area's economy. Today, while other sectors have grown around the farms and ranches, agriculture remains important to the Eleventh District. Agricultural Survey provides data that reflect the overall health of the agricultural sector.

The headline, or all-items, PCE inflation rate for February was a robust 4.8 percent at an annualized rate, pushed up by a sharp increase in the price of gasoline.

Immediate risks to the global economy remain concentrated in advanced economies. A prolonged recovery has damaged investor confidence, making financial markets vulnerable to a sudden reversal of capital flows.

Gross domestic product (GDP) growth should accelerate from modest to moderate over the course of 2013 and into 2014, after stalling at the end of 2012. Since the autumn of 2011, the level of financial stress has been on a downward trend and has been at or below average since the summer of 2012, indexes show. The labor market is improving, and the latest Institute for Supply Management (ISM) survey data are positive.

Over the past six weeks, the Eleventh District economy grew at a moderate pace. Employment growth for January was sluggish; however, the Texas Business Outlook Surveys (TBOS), the Dallas Beige Book and the Texas Leading Index indicated a pickup in activity since the last briefing. Housing remained strong with inventory levels approaching record lows, the energy sector improved even as oil prices fell, and Texas exports grew in recent months. Employment growth of 2 to 3 percent is likely for 2013.

The Texas economy continued to expand. Texas added 4,000 jobs in December.

Rental inflation has surpassed historic levels despite a supply of housing that partly reflects a persistent inventory of foreclosed, vacant homes.

Underlying consumer price inflation, as measured by the Dallas Fed’s trimmed mean PCE inflation rate, continued at a modest pace in January.

The price of West Texas Intermediate (WTI) crude oil averaged $94 per barrel in 2012, largely unchanged from average 2011 levels.

Growth in the U.S., decreased uncertainty in the euro area and better-than-expected growth in China have contributed to a more stable outlook for global growth in 2013.

In fourth quarter 2012, growth of the Texas economy slowed slightly. However, at a 3.2 percent annual rate, Texas job growth is still greatly outpacing the 1.4 percent U.S. rate.

Recently released indicators suggest that overall U.S. economic activity decelerated in fourth quarter 2012, as moderate growth in consumption and housing continued amid notable declines in inventory and government spending. Real output contracted at a nearly flat 0.1 percent annual rate in the fourth quarter.

Fourth-quarter payroll employment growth clocked in at a modest 2.2 percent annual rate in Texas, much slower than the 3.8 percent annual pace seen in the first quarter.

The Texas, New Mexico and Louisiana economies are constantly changing. The information and data the Dallas Fed publishes in Southwest Economy can help keep you current with agriculture, banking, energy, high technology, manufacturing and international trade in this region. Published quarterly.

The Texas economy continued to expand. Texas added 12,000 jobs in December. In 2012, Texas has gained 305,000 jobs

Richard Fisher's remarks before the Committee for the Republic, Washington, D.C., January 16, 2013.