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.

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

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.

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