FEDERAL RESERVE BANK OF DALLAS REPORT - Texas factory activity grew at a slower pace in October than in September. That’s according to a new report from the Federal Reserve Bank of Dallas. More than 100 companies participated in the monthly survey. Senior Business Economist Emily Kerr says one factor they asked about was the number of new orders manufacturers received.
"And more respondents noted a decline in new orders than an increase this month and so that index turned negative for the first time in three years."
There was slower growth in employment in October. However, the bank’s survey also revealed expectations for future business conditions has improved. Texas Governor Gregg Abbott also weighed in on the state’s economy. Appearing at an event in Houston yesterday, Abbott said the Gross Domestic Product of Texas is more than $1.8 Trillion Dollars.
“The Texas GDP is larger than the economy of Australia," explained Abbott. "It’s larger than the economy of Canada and believe it or not, the Texas economy is even larger than the economy of Russia. And that makes me more powerful than Putin.”
Gross Domestic Product is the total value of goods produced and services provided during one year. Among the U.S. States, only California’s GDP is higher at about $3 trillion dollars.
