Page 8 - NBIZ Magazine August 2023
P. 8
Texas Shows
Signs of Slowing
Price Pressures Ease Despite Buoyant Services
By Aparna Jayashankar and Yichen Su
exas job growth slowed in June, though it still exceeded
the U.S. rate. Meanwhile, the state economy continued to
expand despite the downshift in employment and weakness
Tin manufacturing.
Businesses reported in the recent Texas Business Outlook Survey
(TBOS) results that they are concerned about softening demand and
higher labor costs. Overall, price pressures continued to ease, though
price growth for services and the pace of wage increases remained
high. Economic expansion in Texas is expected to continue through
year-end but likely at a slower pace than in the first half of 2023.
Job growth robust, though slowing
Texas employment grew an annualized 2.1 percent in June, down
from May. During the first half of the year, employment rose at an
annualized 3.2 percent rate, compared with 2.2 percent for the U.S.
8 NBIZ ■ August 2023
