Southwest Economy, Second Quarter 2022

Changing Economy Likely to Test Banks as Stimulus Ends, Growth Slows

July 01, 2022

Banks in the region and the U.S., which have benefited from pandemic-era fiscal stimulus, face downside risks arising from Russia’s invasion of Ukraine, ongoing COVID-19 shocks abroad and expectations of significant central bank tightening to address elevated inflation.

U.S. Economy

Trimmed Mean PCE

June 30, 2022

The Trimmed Mean PCE inflation rate over the 12 months ending in May was 4.0 percent.

Texas Economy

Texas Service Sector Growth Strengthens in June

June 28, 2022

Activity in the Texas service sector picked up modestly in June, according to business executives responding to the Texas Service Sector Outlook Survey.

Initial Unemployment Claims Appear Stable over Past Several Months

June 28, 2022

It is likely that the latest rise in initial claims reflects difficulty adjusting the data for seasonal patterns in the wake of the COVID-19 pandemic, rather than a deterioration in underlying economic conditions.