2014

Research Publications
Behind the Numbers: PCE Inflation Update, September 2014
Updated: October 31, 2014
The headline, or all-items, PCE price index increased at a modest 0.9 percent annualized rate in September, following a slight decline in August (0.6 percent at an annualized rate).
Research Publications
Regional Outlook Remains Upbeat
Updated: October 31, 2014
The regional economy continues to expand at a rapid pace. Employment grew at a faster rate in the third quarter than in the second.
Research & Data
Trimmed Mean PCE Inflation Rate
Updated: October 31, 2014
The Trimmed Mean PCE inflation rate for September was an annualized 1.4 percent. According to the BEA, the overall PCE inflation rate for September was 0.9 percent, annualized, while the inflation rate for PCE excluding food and energy was 1.4 percent.
Research Publications
U.S. Growth Pace Moderate; Inflation Low, Employment Data Mixed
Updated: October 30, 2014
New data since the last Federal Open Market Committee meeting indicate both downside and upside risks to growth.
Economic Research Publications
El Paso Economic Indicators, October 2014 image
Updated: October 28, 2014
Overall economic activity continues to expand in El Paso.
Texas Service Sector Outlook Survey
Texas Service Sector Activity Increases at a Slower Pace
Updated: October 28, 2014
Texas service sector activity continued to expand in October, according to business executives responding to the Texas Service Sector Outlook Survey. However, the revenue index, a key measure of state service sector conditions, declined from 26.9 to 14.
Texas Manufacturing Outlook Survey
Texas Manufacturing Activity Continues to Increase, Outlooks Improve
Updated: October 27, 2014
Texas factory activity increased again in October, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, fell from 17.6 to 13.7, indicating output grew but at a slightly slower pace than in September.
Economic Research Publications
San Antonio Economic Indicators, October 2014 image
Updated: October 23, 2014
The San Antonio economy continued to grow strongly in September, though indicators were more mixed than in August.
Research Publications
Dallas–Fort Worth Economic Indicators, Oct. 2014 image
Updated: October 21, 2014
The Dallas-Fort Worth economy grew at a slower rate in September than in the summer months. Year to date, DFW employment has grown 3.5 percent, nearly matching the stateâ??s 3.6 percent pace.
Economic Letter
Economic Letter: Are We There Yet? Assessing Progress Toward Full Employment and Price Stability image
Updated: October 20, 2014
With help from accommodative monetary policy, there are good reasons to believe that the economy will achieve full employment and price stability fairly soon.
Research & Data
Texas Employment Update
Updated: October 17, 2014
The Texas economy continued to expand in September; the state added 30,700 jobs. Year to date, Texas has gained 304,300 jobs.
Research Publications
Oil Prices Fall Despite Global Uncertainty
Updated: October 17, 2014
Oil prices declined to yearly lows at the beginning of the fourth quarter, reflecting weak demand and ample supply, despite geopolitical uncertainty surrounding Iraq, Syria and Ukraine.
Research Publications
Dallas Beige Book
Updated: October 15, 2014
The Eleventh District economy grew at a moderate pace over the past six weeks.
Economic Letter
Economic Letter: Fed Manufacturing Surveys Provide Insight into National Economy image
Updated: October 14, 2014
Regional Federal Reserve Banks' manufacturing surveys provide important insight into national economic conditions.
Research Publications
Houston Economic Indicators, October 2014 image
Updated: October 9, 2014
The Houston Business-Cycle Index slowed markedly in August to a still-healthy 4.4 percent growth rate from a revised 8 percent rate in July.
Economic Research Publications
Austin Economic Indicators, October 2014 image
Updated: October 2, 2014
The Austin-Round Rock economy strengthened in August. Private sector jobs grew at an annualized pace of 3.5 percent in August, although overall job growth slowed to 1.6 percent.
Research Publications
Texas Economic Indicators, October 2014 image
Updated: October 1, 2014
The Texas economy continues to expand, with employment growing at a 3.2 percent annual rate in August.
Banking Publications
Financial Insights—Student Debt: Trends and Possible Consequences image
Updated: September 30, 2014
Student debt in the United States totals more than $1.1 trillion, having expanded by $855 billion in the past 10 years. The rate of serious delinquency on student loans has averaged more than 11.25 percent over the past two years. Student loans are receiving increased attention from borrowers, lenders and policymakers as concerns mount over studentsâ?? heavier debt loads and their potential inability to repay.
Economic Letter
Economic Letter: Deindustrialization Redeploys Workers to Growing Service Sector image
Updated: September 30, 2014
Employment in the U.S. industrial sector-which includes mining, manufacturing and construction-increased by about 240,000 jobs annually from 1900 to 1980.
Texas Service Sector Outlook Survey
Texas Service Sector Activity Expands Again
Updated: September 30, 2014
Texas service sector activity improved notably in September, according to business executives responding to the Texas Service Sector Outlook Survey. The revenue index, a key measure of state service sector conditions, rose from 21 to 26.9, its highest reading in more than six years.
Research Publications
Behind the Numbers: PCE Inflation Update, August 2014
Updated: September 29, 2014
The headline, or all-items, PCE price index was essentially unchanged in August, falling less than a tenth of a percent at a monthly rate, or 0.6 percent at an annualized rate.
Agricultural Survey
Agricultural Survey, Third Quarter 2014 image
Updated: September 29, 2014
Bankers responding to the third quarter survey reported additional rains this summer were beneficial, though more was still needed.
Texas Manufacturing Outlook Survey
Texas Manufacturing Strengthens
Updated: September 29, 2014
Texas factory activity increased again in September, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose markedly from 6.8 to 17.6, indicating output grew at a faster pace than in August.
Economic Research Publications
San Antonio Economic Indicators, September 2014 image
Updated: September 25, 2014
Economic activity in San Antonio gained strength in August. Job growth increased at a rapid annual rate of 8.6 percent, the fastest single month of growth in nearly a decade.
Economic Research Publications
El Paso Economic Indicators, September 2014 image
Updated: September 23, 2014
Economic activity in the El Paso metropolitan area continues to expand.
Research Publications
Dallas–Fort Worth Economic Indicators, Sept. 2014 image
Updated: September 22, 2014
The Dallas-Fort Worth economy grew at a slower pace in August, following stronger growth in previous months.
Research Publications
Mexico Economy Improves in Second Quarter
Updated: September 22, 2014
Mexico's economy expanded at a much faster rate in the second quarter than in the first.
Globalization & Monetary Policy Institute
Advanced Economies Slow; Global Outlook Cloudy
Updated: September 22, 2014
Global growth in the second quarter picked up in the emerging economies but slumped in the advanced countries.
Research & Data
Texas Employment Update
Updated: September 19, 2014
The Texas economy continued to expand in August; the state added 30,700 jobs. Year to date, Texas has gained 265,900 jobs.
Speeches by President Richard W. Fisher
Remarks upon Receiving the Woodrow Wilson Award for Public Service
Updated: September 19, 2014
Remarks upon Receiving the Woodrow Wilson Award for Public Service
Research Publications
Economic Growth Accelerates; Job Openings Outpace Hires
Updated: September 19, 2014
Economic indicators released over the past two months point to continued modest growth in the U.S. in 2014.
Research Publications
Regional Growth: Full Steam Ahead
Updated: September 18, 2014
The regional economy is surging, with the Texas Business Outlook Survey (TBOS) production and revenue indexes at multiyear highs and annualized job growth of 3.6 percent year to date.
News and Events
Woodrow Wilson Awards to Honor Richard W. Fisher and Myron E. Ullman III in Dallas image
Updated: September 12, 2014
The Woodrow Wilson International Center for Scholars will present awards to two distinguished Dallas leaders on September 19, 2014. Richard W. Fisher, President and CEO of the Federal Reserve Bank of Dallas, will receive the Woodrow Wilson Award for Public Service. Myron E. Ullman III, Chief Executive Officer of J.C. Penney, will receive the Woodrow Wilson Award for Corporate Citizenship.
Economic Letter
Economic Letter: Despite Cautionary Guidance, Leveraged Loans Reach New Highs image
Updated: September 11, 2014
Leveraged loans, whose pricing reflects lenders' appetite for the most speculative corporate debt, provide a market indicator of risk-taking
Research Publications
Houston Economic Indicators, September 2014 image
Updated: September 11, 2014
The Houston Business-Cycle Index increased at a blistering 9.5 percent in July after climbing a revised 6.2 percent in June.
Community Development
Consumer Credit Conditions, June 2014
Updated: September 8, 2014
The Consumer Credit Conditions update for the Eleventh Federal Reserve District presents maps and charts of consumer loan balances and delinquencies in the district by county, state, loan type and risk score.
Southwest Economy
Budget Balancing Act: Health and Education Stretch Texas Resources image
Updated: September 8, 2014
Texas legislators confront a key challenge: how to make much-needed investments in health, education and transportation without sacrificing the fiscal structure that has propelled the economy over the last few decades.
Southwest Economy
Mexico's New Banking Measures Aim to Increase Credit, Transparency image
Updated: September 8, 2014
The overhaul of Mexico's banking laws, enacted as part of President Enrique Peña Nieto's wide-ranging economic and business structural changes, is designed to increase credit to small and medium-sized businesses while enhancing regulatory oversight and transparency.
Southwest Economy
On the Record: South Texas County Hopes to See Lasting Gains from Eagle Ford Shale Oil Boom image
Updated: September 8, 2014
A Conversation with Joel Rodriguez. Includes additional audio excerpts of the interview.
Speeches by President Richard W. Fisher
The Texas Jagannatha
Updated: September 4, 2014
The Texas Jagannatha (With Reference to Indian Prime Minister Modi, a Hindu Goddess and Wodehouse's Big Money)
Research Publications
Texas Economic Indicators, September 2014 image
Updated: September 4, 2014
The Texas economy continues to expand, with employment growing at a 4.5 percent annual rate in July.
Research Publications
Dallas Beige Book
Updated: September 3, 2014
The Eleventh District economy grew at a moderate pace over the past six weeks.
Research Publications
Behind the Numbers: PCE Inflation Update, July 2014
Updated: August 29, 2014
After three months of increases in excess of an annualized 2.5 percent, the headline, or all-items, PCE price index rose a modest annualized 1 percent in July. Sharp declines in price for gasoline, women’s and girls’ clothing, and hospital services were significant drags on July’s headline rate.
Economic Letter
Economic Letter: China's Sputtering Housing Boom Poses Broad Economic Challenge image
Updated: August 28, 2014
China's economic slowdown and changing demographics cloud its housing market's long-term prospects.
News and Events
Dallas Fed President Richard Fisher Takes the ALS Ice Bucket Challenge
Updated: August 28, 2014
Texas Service Sector Outlook Survey
Texas Service Sector Growth Continues
Updated: August 26, 2014
Texas service sector activity expanded in August, according to business executives responding to the Texas Service Sector Outlook Survey. The revenue index, a key measure of state service sector conditions, was unchanged from last month at 21, indicating activity increased at the same pace as in July.
Economic Research Publications
El Paso Economic Indicators, August 2014 image
Updated: August 26, 2014
Economic activity in the El Paso metropolitan area continues to expand.
Texas Service Sector Outlook Survey
Business Executives Surveyed on Health Care Costs and Impact of Affordable Care Act
Updated: August 26, 2014
For this month's survey, business executives were asked supplemental questions on health care costs and the impact of the Affordable Care Act.
Texas Manufacturing Outlook Survey
Manufacturers Surveyed on Health Care Costs and Impact of Affordable Care Act
Updated: August 25, 2014
For this month's survey, manufacturers were asked supplemental questions on health care costs and the impact of the Affordable Care Act.
Texas Manufacturing Outlook Survey
Texas Manufacturing Expands but at a Slower Pace
Updated: August 25, 2014
Texas factory activity increased again in August, albeit at a slower pace than in recent months, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, fell from 19.1 to 6.8, indicating output growth slowed from July.
Economic Research Publications
San Antonio Economic Indicators, August 2014 image
Updated: August 21, 2014
San Antonio continued to see signs of economic growth in July. Employment increased at an annual pace of 3 percent, although the unemployment rate ticked up slightly to 4.8 percent.
Economic Research Publications
Dallas-Fort Worth Economic Indicators, August 2014 image
Updated: August 19, 2014
The Dallas-Fort Worth economy expanded at a strong clip in July and continues to outperform the state as a whole.
Research & Data
Texas Employment Update
Updated: August 15, 2014
The Texas economy continued to expand in July; the state added 42,700 jobs. Year to date, Texas has gained 238,200 jobs.
Economic Research Publications
Houston Economic Indicators, August 2014 image
Updated: August 14, 2014
The Houston Business-Cycle Index advanced an annualized 1.6 percent in June after rising 6.6 percent in May.
Research Publications
Economic Gains Likely to Tighten Job Market, Push Up Wages
Updated: August 8, 2014
Economic indicators released over the past two months present a picture of modest growth thus far in 2014.
Research Publications
Behind the Numbers: PCE Inflation Update, June 2014
Updated: August 8, 2014
The headline, or all-items, PCE price index rose at a 2.6 percent annualized rate in June, boosted by a sharp jump in the price of gasoline.
Economic Letter
Economic Letter: U.S. Gasoline Imports Rise Following Temporary Easing of Fuel Standards image
Updated: August 7, 2014
EPA fuel standards were temporarily waived following major Gulf Coast hurricanes in 2005 and 2008, including Katrina. The results suggest that more uniform environmental standards could help foreign refiners meet extraordinary U.S. gasoline demand.
Research Publications
Mexico's Economic Growth Continues
Updated: August 6, 2014
Mexico's economy expanded in the second quarter as the monthly proxy for gross domestic product (GDP) increased 1 percent during the March-May period.
Community Development Publications
COS: Housing and Transit Concerns Complicate Improved Job Picture for Communities in the Eleventh District image
Updated: August 6, 2014
In July 2014, we asked service providers to evaluate changes in the needs of low- and moderate-income (LMI) households—ranging from the availability of jobs and affordable housing to financial well-being and access to credit—for the first six months of 2014.
Research Publications
Regional Economic Growth Builds Momentum
Updated: August 4, 2014
The regional economy picked up pace in the second quarter, with payroll employment growing at a faster rate than in the first quarter. The Texas Business Outlook Surveys (TBOS) point to an uptick in activity in June and July. The July Beige Book continued to note healthy growth and optimism in outlooks.
Reports on Regional Economic Activity
Texas Economic Update: August 2014 (Video)
Updated: July 31, 2014
Mine K. Yücel, Dallas Fed senior vice president and director of research, provide an update of Texas employment the residential housing sector for August 2014.
Globalization & Monetary Policy Institute
Global Growth Outlook Weaker but Still Positive
Updated: July 31, 2014
The world growth outlook remains positive but has weakened slightly with recent data releases, especially in emerging economies. The International Monetary Fund (IMF) has reduced its forecast for 2014 global growth from 3.7 percent to 3.4 percent but kept its forecast for 4 percent growth in 2015 unchanged.
Economic Research Publications
El Paso Economic Indicators, July 2014 image
Updated: July 29, 2014
Economic activity in the El Paso metropolitan area continues to expand.
Texas Service Sector Outlook Survey
Texas Service Sector Activity Strengthens Further and Business Conditions Improve
Updated: July 29, 2014
Texas service sector activity climbed in July, according to business executives responding to the Texas Service Sector Outlook Survey. The revenue index, a key measure of state service sector conditions, rose from 16.9 to 21.5, its highest level since February 2012.
Texas Manufacturing Outlook Survey
Texas Manufacturing Activity Picks up Pace Again
Updated: July 28, 2014
Texas factory activity increased again in July, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose from 15.5 to 19.1, indicating output grew at a faster pace than in June.
Research Publications
Economic Letter - Crude Oil Export Ban Benefits Some … but Not All image
Updated: July 24, 2014
Lifting the U.S. ban on crude oil exports would alleviate a growing glut of oil at the Gulf Coast refineries and should eventually reduce retail gasoline and diesel prices, benefiting U.S. consumers.
Economic Research Publications
San Antonio Economic Indicators, July 2014 image
Updated: July 24, 2014
San Antonio saw mixed signs of growth in June after a very strong month in May, although broader measures of economic activity point toward continued expansion.
Economic Research Publications
Dallas-Fort Worth Economic Indicators, July 2014 image
Updated: July 22, 2014
The Dallas-Fort Worth economy has expanded at a strong pace in the first half of 2014 and is outperforming the state as a whole.
Research & Data
Texas Employment Update
Updated: July 18, 2014
The Texas economy continued to expand in June; the state added 23,100 jobs. Year to date, Texas has gained 196,700 jobs.
Research Publications
Dallas Beige Book
Updated: July 16, 2014
The Eleventh District economy grew at a moderate pace over the past six weeks.
Speeches by President Richard W. Fisher
Monetary Policy and the Maginot Line
Updated: July 16, 2014
Monetary Policy: Debate, Dissent and Discussion with Richard Fisher.
Economic Research Publications
Houston Economic Indicators, July 2014 image
Updated: July 10, 2014
The Houston Business-Cycle Index was essentially unchanged in May, growing an annualized 7.8 percent after a robust 7.9 percent in April.
Research Publications
International and Domestic Crude Price Differential Narrows
Updated: July 9, 2014
Oil prices rose during the second quarter. West Texas Intermediate (WTI) crude, the U.S. benchmark, increased $4 from the first quarter to average $102.66 per barrel. This is $8 higher than last year. Brent, the global benchmark, increased slightly to $109.13. This is up $6 from last year.
Texas Service Sector Outlook Survey
Texas Service Sector Activity Strengthens
Updated: July 1, 2014
Texas service sector activity picked up pace in June, according to business executives responding to the Texas Service Sector Outlook Survey. The revenue index, a key measure of state service sector conditions, rose from 13.1 to 16.9.
Texas Manufacturing Outlook Survey
Texas Manufacturing Activity Picks Up Pace
Updated: June 30, 2014
Texas factory activity increased again in June, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose from 11 to 15.5, indicating output grew at a faster pace than in May.
Agricultural Survey
Agricultural Survey, Second Quarter 2014 image
Updated: June 30, 2014
Bankers responding to the secondquarter survey reported timely rains were very beneficial, but a few contacts noted crop damage from hail and strong winds.
Research Publications
Economic Letter - Inflation Is Not Always and Everywhere a Monetary Phenomenon image
Updated: June 27, 2014
The United States should be experiencing abnormally high inflation-at least thatâ??s what the quantity theory of money says should be occurring.
Research Publications
Behind the Numbers: PCE Inflation Update, May 2014
Updated: June 26, 2014
The headline, or all-items, PCE price index rose at a 2.8 percent annualized rate in May, after increasing at annualized rates of 2.4 percent in April and 2.3 percent in March.
Economic Research Publications
San Antonio Economic Indicators, June 2014 image
Updated: June 26, 2014
The San Antonio economy picked up in May, with job growth accelerating to a 4.7 percent annualized rate, the best month of growth in nearly a year.
Globalization & Monetary Policy Institute
Slowdown Could Be Ahead for Advanced Economies Outside of U.S.
Updated: June 24, 2014
The pace of global growth (excluding the U.S.) remained unchanged in first quarter 2014.
Economic Research Publications
El Paso Economic Indicators, June 2014 image
Updated: June 24, 2014
Economic activity in the El Paso metropolitan area continues to expand.
Economic Research Publications
Dallas-Fort Worth Economic Indicators, June 2014 image
Updated: June 23, 2014
The Dallas-Fort Worth economy continued to expand at a healthy clip in May. DFW employment grew 4.7 percent, faster than Texas and the U.S., which grew 4.5 percent and 1.9 percent during the month.
Research Publications
Mexico Economic Growth Disappoints but Recent Data Point to Improvement
Updated: June 23, 2014
Mexico's economy expanded at an annualized rate of 1.1 percent in first quarter 2014, an improvement from 0.5 percent growth in 2013.
Research Publications
Output Growth Likely to Rebound Amid a Healthy Labor Market
Updated: June 23, 2014
Economic indicators released in May and June present a picture of modest growth so far in 2014.
Research & Data
Texas Employment Update
Updated: June 20, 2014
The Texas economy continued to expand in May; the state added 42,000 jobs. Year to date, Texas has gained 171,500 jobs.
Research Publications
Regional Growth Accelerates in the Spring
Updated: June 19, 2014
The Texas economy has grown at a faster pace, according to recent data. Job growth picked up in April, and unemployment fell to a new five-year low.
Reports on Regional Economic Activity
Texas Economic Update: June 2014 (Video)
Updated: June 13, 2014
Mine K. Yücel, Dallas Fed senior vice president and director of research, updates the Texas employment situation for June 2014.
Economic Research Publications
Houston Economic Indicators, June 2014 image
Updated: June 12, 2014
The Houston Business Cycle Index increased at a slower 5.5 percent in April after climbing a revised 7.7 percent in March.
Research Publications
Texas Economic Indicators, June 2014 image
Updated: June 4, 2014
The Texas economy continues to expand, with employment growing at a 5.7 percent annual rate in April.
Research Publications
Dallas Beige Book
Updated: June 4, 2014
The Eleventh District economy grew at a moderate pace over the past six weeks.
Research Publications
Behind the Numbers: PCE Inflation Update, April 2014
Updated: June 2, 2014
The headline, or all-items, PCE price index rose at a 2.4 percent annualized rate in April, after increasing at a 2.3 percent rate in March.
Perspectives
The State of Low- and Moderate-Income Families in Texas: A Conversation with CPPP's Frances Deviney
Updated: June 2, 2014
Frances Deviney of the Center for Public Policy Priorities (CPPP) provided insights into the state of low- and moderate-income (LMI) families in Texas, as reflected in the CFED 2014 Assets & Opportunity Scorecard for Texas
Financial Insights
Financial Insights—What Keeps Small Business Owners Up at Night? image
Updated: May 30, 2014
What Keeps Small Business Owners Up at Night?
Research Publications
Economic Letter - Middle-Skill Jobs Lost in U.S. Labor Market Polarization image
Updated: May 30, 2014
Employment in the United States is becoming increasingly polarized, growing ever more concentrated in the highest- and lowest-paying occupations and creating growing income inequality.
Texas Service Sector Outlook Survey
Texas Service Sector Activity Increases at a Slower Pace
Updated: May 28, 2014
Texas service sector activity continued to reflect expansion in May, according to business executives responding to the Texas Service Sector Outlook Survey. The revenue index, a key measure of state service sector conditions, remained positive but fell from 18.5 to 13.1.
Research Publications
El Paso Economic Indicators, May 2014 image
Updated: May 27, 2014
After slowing during the first three months of the year, the index in April registered 5.9 percent annualized growth, up from 1.8 percent in the first quarter.
Texas Manufacturing Outlook Survey
Texas Manufacturing Grows but at a Slower Pace
Updated: May 27, 2014
Texas factory activity increased again in May, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, fell from 24.7 to 11, indicating output grew but not strongly as in April.
Economic Research Publications
San Antonio Economic Indicators, May 2014 image
Updated: May 23, 2014
The San Antonio economy accelerated in April. The unemployment rate fell to 4.8 percent, 0.4 percentage points below the state and 1.5 percentage points below the nation.
Research Publications
Southwest Economy
Updated: May 20, 2014
Latest Southwest Economy: Limited Benefit Eligibility in Texas Curb Long-Term Unemployment Rate
Economic Research Publications
Dallas-Fort Worth Economic Indicators, May 2014 image
Updated: May 20, 2014
The Dallas-Fort Worth economy expanded at a rapid clip in April. DFW employment grew 8.7 percent, faster than Texas and the U.S.
Speeches by President Richard W. Fisher
‘Never Let Your Brains Go to Your Head’
Updated: May 17, 2014
Commencement Address by Richard W. Fisher: 'Never Let Your Brains Go to Your Head'"My heartfelt advice to you is to work as hard on expanding your EQ as you have on harnessing your IQ."
Research & Data
Texas Employment Update
Updated: May 16, 2014
The Texas economy continued to expand in April; the state added 52,600 jobs. Year to date, Texas has gained 124,000 jobs.
Speeches by President Richard W. Fisher
Comments on Tailored Regulation and Forward Guidance
Updated: May 9, 2014
Remarks before the Louisiana Bankers Association 114th Annual Convention and Expo
Texas Small Business Needs Assessment Poll, May 2014
Texas Small Business Needs Assessment Poll, May 2014 image
Updated: May 8, 2014
To learn more about the challenges and successes of small businesses across the state, the Federal Reserve Bank of Dallas' Community Development Office has launched the Texas Small Business Needs Assessment Poll, a partnership with the Texas Small Business Development Center Network.
Economic Research Publications
Houston Economic Indicators, May 2014 image
Updated: May 8, 2014
The Houston Business-Cycle Index advanced 7.4 percent in March after rising a revised 6.3 percent in February on an annualized basis.
Texas Economic Indicators
Texas Economic Indicators, May 2014 image
Updated: May 7, 2014
The Texas economy continues to expand, with employment growing at a 0.9 percent annual rate in March.
Research Publications
Output Growth Disappoints; Labor Markets Show Strength
Updated: May 7, 2014
Economic indicators released in March and April present a picture of modest growth so far in 2014.
Community Development Publications
Perspectives: Community Development Insights and Resources
Updated: May 6, 2014
Articles and resources from the Community Development Department.
Globalization & Monetary Policy Institute
Low Inflation and Slower Medium-Term Growth Accompany Uneven Recovery
Updated: May 6, 2014
World (excluding the U.S.) economic growth stood at 3 percent year over year in fourth quarter 2013
Perspectives
One Crisis Away: Forum Calls Attention to North Texans on Financial Edge
Updated: May 6, 2014
On Feb. 27, North Texas public broadcaster KERA and the Communities Foundation of Texas hosted a public forum at Dallas City Performance Hall that sought to answer one question: What is asset poverty?
Research Publications
Mexico Economy Improves in 2014
Updated: May 2, 2014
Mexico's economy expanded in the first quarter as the monthly proxy for gross domestic product (GDP) increased in January and February after stalling in the fourth quarter of last year.
Research Publications
Behind the Numbers: PCE Inflation Update, March 2014
Updated: May 1, 2014
The headline PCE price index rose at a 2.3 percent annualized rate in March, compared with a 0.8 percent rate in February.
Research Publications
Regional Economic Outlook Brightens
Updated: April 30, 2014
The regional economy continues to expand at a moderate pace, with employment growing at a 2.4 percent annual rate in the first quarter, slightly faster than fourth quarter of last year.
Texas Service Sector Outlook Survey
TSSOS: Texas Service Sector Activity Expands and Business Conditions Improve
Updated: April 29, 2014
Texas service sector activity climbed again in April, according to business executives responding to the Texas Service Sector Outlook Survey. The revenue index, a key measure of state service sector conditions, rose slightly from 16.5 to 18.5.
Texas Manufacturing Outlook Survey
TMOS: Texas Manufacturing Picks Up and Outlook Improves Notably
Updated: April 28, 2014
Texas factory activity increased for the 12th month in a row in April, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose from 17.1 to 24.7, reaching its highest level in four years and indicating stronger output growth.
Research Publications
El Paso Economic Indicators, April 2014 image
Updated: April 24, 2014
Economic activity in the El Paso metropolitan area continues to expand at a moderate pace, according to the Federal Reserve Bank of Dallas' El Paso Business-Cycle Index. Despite a recent slowdown in nonfarm payroll employment, the index in March registered 1.2 percent annualized growth, up from 0.8 percent in the first quarter last year.
Economic Research Publications
San Antonio Economic Indicators, April 2014 image
Updated: April 23, 2014
After growing strongly at the beginning of the year, the San Antonio economy slowed in March. While major job sectors such as education and health services saw continued growth, private sector employment fell at a 3.9 percent annualized rate.
Economic Research Publications
Dallas-Fort Worth Economic Indicators, April 2014 image
Updated: April 22, 2014
The Dallas-Fort Worth economy continued to expand in March. DFW employment grew 2.6 percent, faster than Texas and the U.S., which grew 0.9 percent and 1.7 percent during the month.
Research & Data
Texas Employment Update
Updated: April 18, 2014
The Texas economy continued to expand in March; the state added 8,300 jobs. Year to date, Texas has gained 67,300 jobs.
Research Publications
Dallas Beige Book
Updated: April 16, 2014
The Eleventh District Economy grew at a moderate pace over the past six weeks.
Speeches by President Richard W. Fisher
Richard Fisher's presentation to the Texas Public Policy Foundation image
Updated: April 16, 2014
Richard Fisher's presentation to the Texas Public Policy Foundation, Austin, Texas
Research Publications
Economic Letter - Central Bank Transparency Anchors Inflation Expectations image
Updated: April 14, 2014
Central banks in most developed countries, responding to the financial crisis that began in 2007, have pushed interest rates to zero.
Economic Research Publications
Houston Economic Indicators, April 2014 image
Updated: April 10, 2014
The Houston Business-Cycle Index accelerated slightly to a 5.2 percent growth rate in February from an already robust 5.1 percent rate in January.
Research Publications
Prolonged Cold Weather in U.S. Causes Price Swings
Updated: April 8, 2014
U.S. energy prices were impacted by cold weather in the first quarter. Prices spiked for heating fuels and natural gas, with large withdrawals of natural gas from storage.
Speeches by President Richard W. Fisher
Forward Guidance
Updated: April 4, 2014
Remarks before the Asia Society Hong Kong Center
Economic Research Publications
San Antonio Economic Indicators, March 2014 image
Updated: April 3, 2014
San Antonio saw solid economic growth in the first two months of 2014, with most industries reporting moderate to strong gains in employment.
Texas Economic Indicators
Texas Economic Indicators, April 2014 image
Updated: April 2, 2014
The Texas economy continues to expand, with employment growing at a 3.1 percent annual rate in February. Texas single-family construction permits and existing-home sales increased in February, while housing starts declined.
Economic Research Publications
Dallas-Fort Worth Economic Indicators, March 2014 image
Updated: April 1, 2014
The Dallas-Fort Worth economy expanded at a moderate pace in the first two months of 2014.
OMWI
Office of Minority and Women Inclusion: 2013 Congressional Report. image
Updated: April 1, 2014
Office of Minority and Women Inclusion: 2013 Congressional Report.
Globalization Institute Publications
2013 Globalization & Monetary Policy Institute Annual Report
Updated: March 31, 2014
The Globalization Institute's 2013 annual report highlights the work of the Institute's staff and Research Associates over the past year. The lead articles address the importance of innovations in transportation technology as drivers of globalization and alternative ways of measuring the external value of the dollar.
Agricultural Survey
Agricultural Survey, First Quarter 2014 image
Updated: March 31, 2014
Bankers responding to the firstquarter survey continued to report negative effects from drought and serious need for rain districtwide.
Research & Data
Texas Employment Update
Updated: March 28, 2014
The Texas economy continued to expand in February; the state added 28,700 jobs. Year to date, Texas has gained 54,500 jobs.
Research Publications
Behind the Numbers: PCE Inflation Update, February 2014
Updated: March 28, 2014
The headline PCE price index rose at a 0.9 percent annualized rate in February.
Globalization & Monetary Policy Institute
Is the Tide Turning Back?
Updated: March 25, 2014
Economic activity improved for the world during the second half of 2013 as year-over-year growth ticked up to 3 percent with the acceleration in advanced economies.
Research Publications
Mexico Economy Slows in Fourth Quarter 2013
Updated: March 21, 2014
Mexico's economy decelerated in fourth quarter 2013, growing at an annualized rate of 0.7 percent. In 2013, the economy grew only 0.6 percent.
Research Publications
Bounceback Anticipated for 2014
Updated: March 20, 2014
Economic data released in the last six weeks suggest economic growth has softened since January. However, weather-related distortions of business and consumer activity have temporarily obscured the picture of the underlying economy.
Research Publications
Regional Growth Continues at Moderate Pace
Updated: March 20, 2014
The Texas economy continues to expand at a moderate pace. January payroll job growth strengthened modestly from December and continued to outpace the nation.
Economic Research Publications
El Paso Economic Indicators, March 2014 image
Updated: March 18, 2014
Economic activity in the El Paso metropolitan area continues to expand at a moderate pace.
Annual Report
2013 Annual Report: The Long-Awaited Housing Recovery
Updated: March 14, 2014
U.S. housing markets experienced a notable boom and a painful bust during the past decade. Most recently, housing began its long-awaited recovery-the subject of the Dallas Fed's 2013 Annual Report.
Economic Research Publications
Houston Economic Indicators, March 2014 image
Updated: March 14, 2014
The Houston Business-Cycle Index increased at a slower 3.1 percent rate in January, after climbing a revised 3.8 percent in December.
Research Publications
Economic Letter - U.S. Budget Deficits Shrink, but Long-Run Issues Remain image
Updated: March 13, 2014
A threatened January federal government shutdown was averted when congressional negotiators late last year reached agreement on a two-year budget.
Research Publications
Economic Letter - Renewable Fuel Standards Hit the 'Blend Wall' image
Updated: March 10, 2014
Consumption and imports of oil products reached record highs in 2005, while oil prices increased significantly.
Research & Data
Texas Employment Update
Updated: March 7, 2014
The Texas economy continued to expand in January; the state added 21,200 jobs in 2014.
Texas Economic Indicators
Texas Economic Indicators, March 2014 image
Updated: March 5, 2014
The Texas economy continues to expand, with the Texas Business-Cycle Index increasing at a 3.6 percent annual rate in December.
Speeches by President Richard W. Fisher
¡Ándale Pues! Having Made the Tough Choices, Mexico Stands to Benefit From Reforms and Navigate Fed’s Tapering With Relative Ease
Updated: March 5, 2014
Remarks before the Association of Mexican Banks on March 5, 2014
Research Publications
Dallas Beige Book
Updated: March 5, 2014
The Eleventh District Economy grew at a moderate pace over the past six weeks.
Economic Research Publications
Dallas-Fort Worth Economic Indicators, February 2014 image
Updated: March 4, 2014
The Dallas-Fort Worth economy continues to expand, though 2013 employment growth was revised down.
Financial Insights
Financial Insights—Bank Performance Strengthens image
Updated: March 4, 2014
Bank performance, both nationwide and here in the Eleventh Federal Reserve District, has rebounded from the depths of the financial crisis.
Research Publications
Behind the Numbers: PCE Inflation Update, January 2014
Updated: March 3, 2014
The headline, or all-items, PCE price index rose at a 1.2 percent annualized rate in January after rising at a 2 percent annualized rate in December.
FIRM Webcasts
Economic Insights: Conversations with the Dallas Fed—2014 Economic Outlook
Updated: February 28, 2014
Evan Koenig discusses the national economy and Mine Yücel present a regional economic update in the latest Economic Insights webcast series.
Economic Research Publications
San Antonio Economic Indicators, February 2014 image
Updated: February 27, 2014
The San Antonio economy saw some weakening in December, with employment slowing significantly in such sectors as business services and construction.
Economic Research Publications
El Paso Economic Indicators, February 2014 image
Updated: February 25, 2014
Economic activity in the El Paso metropolitan area continues to expand at a moderate pace.
Speeches by President Richard W. Fisher
Excerpts From "A Conversation About Longhorns, Longnecks and Liquidity: The Economy and the Course of Monetary Policy"
Updated: February 21, 2014
Remarks before the 9th Annual Alumni Business Conference University of Texas at Austin McCombs School of Business on February 21, 2014
Speeches by President Richard W. Fisher
Concluding Remarks From a Speech Before the Financial Executives International
Updated: February 11, 2014
Remarks before the Dallas and Fort Worth chapters of Financial Executives International on February 11, 2014.
Community Development Publications
Community Outlook Survey, Issue 2, 2013 image
Updated: February 11, 2014
Declines in Housing Outlook Discourage Service Providers in the Eleventh District
Texas Economic Indicators
Texas Economic Indicators, February 2014 image
Updated: February 5, 2014
The Texas economy continues to expand, with employment growing at a 2.3 percent annual rate in December.
Globalization & Monetary Policy Institute
Global Economic Growth Acceleration Tempered by Deflation Risks
Updated: January 31, 2014
The global economy is expected to post increased growth in 2014 after expanding at 3.0 percent in 2013.
Research Publications
Behind the Numbers: PCE Inflation Update, December 2013
Updated: January 31, 2014
The headline, or all-items, PCE price index rose a scant 2.5 percent at an annualized rate in December.
Research Publications
Mexico's Economy Continues to Grow into the Fourth Quarter
Updated: January 31, 2014
Mexico's economy expanded well into the fourth quarter as the monthly proxy for gross domestic product (GDP) increased in October and November.
Research Publications
Moderate Growth Heading Into 2014
Updated: January 30, 2014
Economic indicators released since the last national update suggest the economy accelerated in the second half of 2013.
Research & Data
Texas Employment Update
Updated: January 30, 2014
The Texas economy continued to expand in December; the state added 21,400 jobs. In 2013, Texas has gained 272,300 jobs.
Research Publications
Regional Economy Builds Momentum in 2014
Updated: January 29, 2014
Over the past six weeks, the regional economy has accelerated slightly and grown at a moderate pace.
Economic Research Publications
Dallas-Fort Worth Economic Indicators, January 2014 image
Updated: January 28, 2014
The Dallas-Fort Worth economy continued to expand in December, although employment took a slight dip.
Economic Research Publications
El Paso Economic Indicators, January 2014 image
Updated: January 28, 2014
Economic activity in the El Paso metropolitan area continues to expand at a moderate pace.
Economic Research Publications
San Antonio Economic Indicators, January 2014 image
Updated: January 23, 2014
Economic growth in the San Antonio metropolitan area slowed in 2013, partly due to weakness in federal government spending.
Economic Research Publications
The Long-Awaited Housing Recovery
Updated: January 15, 2014
U.S. housing markets experienced a notable boom and a painful bust in the past decade. Most recently, housing began its long-awaited recovery—the subject of this three-part report.
Research Publications
Dallas Beige Book
Updated: January 15, 2014
The Eleventh District economy expanded at a moderate pace over the past six weeks.
Speeches by President Richard W. Fisher
Beer Goggles, Monetary Camels, the Eye of the Needle and the First Law of Holes
Updated: January 14, 2014
Remarks before the National Association of Corporate Directors
Economic Research Publications
Houston Economic Indicators, January 2014 image
Updated: January 9, 2014
The Houston Business-Cycle Index accelerated to a 5.1 percent growth rate in November, up from a revised 3.4 percent rate in October.

 

Speeches by Richard W. Fisher

Richard W. Fisher is president and CEO of the Federal Reserve Bank of Dallas.

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Southwest Economy

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

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