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Texas Economic Development Fueled By Taxpayer-Funded Corporate Subsidies

Texas economic development continues to be fueled by taxpayer-funded corporate subsidies. An estimated $1.4 billion in property tax revenue has gone uncollected in Texas from 2005 to 2015 as a result of Chapter 313. These are the findings from the state auditor's report in October 2016. As Texas Observer detailed last year, the free lunch to corporations doing business in the state of Texas has seen steady growth year after year. The Texas Economic Development Act, or Chapter 313 as it's known in the tax code, has now racked up an estimated $7 billion cost [...]

By | 2017-08-19T10:57:02+00:00 February 11th, 2017|Economy, Energy & Utilities, Politics, Texas Property Taxes|0 Comments

Texas Layoffs Surge In January, More Job Cut Announcements To Come

The latest job cut numbers from Challenger Gray should give pause to those who have been calling a bottom to the recent downturn for the energy sector. Not only did Texas blow all other states out of the water in terms of job cut announcements in January, the YTD layoffs in 2016 point to an accelerating downturn. Challenger noted that the 75,114 job cut announcements for January 2016 was 42 percent higher than a year ago, and the largest January total since 2009. The "lower for longer" theme for energy prices is finally beginning to [...]

Dallas Fed: Texas Manufacturing Activity Crashes To 6-Year Lows

The Dallas Fed released the Texas Manufacturing Outlook Survey numbers for January, and it appears the Texas economy is continuing to fade with the downturn of the energy sector. The January numbers show the General Business Activity index printing at a negative 34.6, falling from December's -21.6. These are interesting numbers from the Dallas Fed considering the president told us just a few weeks ago that the economy was not in decline. I guess the Dallas Fed is "peddling fiction" as well. Here's a rundown of the January manufacturing numbers which were all in the [...]

Jobs, Interest Rates, Fed Folly & Housing

It was another interesting week, culminating in a sleeper of a jobs report. The November employment report from the BLS showed that the U.S. gained another 211,000 jobs. Of course the only problem is anyone with a functioning brain knows by now that the headline jobs numbers are a complete farce. The sad reality is that there are still 94.4 million Americans NOT in the labor force, bringing us to a labor force participation rate of 62.4 percent. For most Americans there is no real recovery in the job market as wage growth has remained [...]

BLS: August Unemployment Rate Drops To 5.1% As 94 Million Americans Not In The Labor Force

There's no BS like the BLS. When it comes to meaningless headline data, the official U.S. unemployment rate is about as misleading as you can get. Today the August employment report from the Bureau of Labor and Statistics told us that the unemployment rate dropped to 5.1%. Of course the reality is while apparently added 173,000 jobs in August, the real reason the official unemployment rate dropped is because more people were vaporized from the labor force. As noted in the graphic above graciously provided by Professor Anthony Sanders, the U.S. labor force participation rate dropped [...]

By | 2016-09-29T21:37:22+00:00 September 4th, 2015|Economy, Markets, Spin Cycle, Texas Employment|0 Comments

July Job Cuts Reach Highest Level In 4 Years, Texas Still Leads Nation By Wide Margin In 2015

Challenger Gray & Christmas released their July job cut report, and it appears employment cutbacks revved up again during the month of July. Challenger reports there were 105,696 job cuts in July, the highest one-month total in 4 years. What was surprising in the latest report was that more than half of the July cuts came from the U.S. Army via troop and civilian workforce reductions. What's not surprising in the latest report is that Texas still leads the nation for layoffs this year by a wide margin. With oil prices flirting with a new [...]

By | 2015-08-06T14:00:14+00:00 August 6th, 2015|Economy, Energy & Utilities, Spin Cycle, Texas Employment|0 Comments

June Unemployment Rate At 5.3%, But Record 93.6 Million Not In The Labor Force

The tragicomedy from the BLS continued today with the June Employment Report. The Bureau of Labor Statistics reported an increase of 223,000 U.S. jobs for the month of June and an unemployment rate of 5.3 percent. The labor force shrank in June by 432,000, with those not in the labor force rising by 640,000 in June. That's how the BLS unemployment rate was magically reduced. There are now a record 93.6 million people not in the labor force! That's more than 37 percent of the labor force vaporized for the sake of a meaningless headline unemployment [...]

Texas Employment Decreases By 25,400 Jobs In March In First Employment Decline Since 2009

You knew it was only a matter of time, but the 53-month streak of successive employment gains for Texas ended in March. The Texas Workforce Commission reported that Texas shed 25,400 jobs in March in what was the first employment decline since 2009. With the Texas rig count down 53 percent year-over year, this announcement was inevitable. Contrary to what many economists have tried to downplay, the huge loss of jobs seen in the energy sector also affects other employment that is marginally attached to all of that economic stimulus resulting from the recent energy [...]

By | 2015-04-19T12:17:24+00:00 April 19th, 2015|Economy, Energy & Utilities, Markets, Texas Employment|0 Comments

Illusion Of Full Employment And The Changing Workforce

The U.S. economy has continued to add jobs during the last few years, driving down unemployment rate to levels which would normally be indicative of a robust economy. We'll see another indicator of our progress tomorrow with the November employment report. The consecutive monthly run in employment gains is one of the longest on record. That's what makes the tepid recovery in the real economy so difficult for some to grasp. The rate of homeownership in the U.S. has continued to decline during the last few years, and wage growth has continued to falter as [...]

BLS: Headline Print Of 288,000 Jobs Masks Decline In Full-Time Employment Of 523,000

The employment BS from the BLS continued today with the June jobs report. The headline print suggests that 288,000 jobs were created in June. The problem with the June employment report is that the growth was entirely in part-time jobs. As Mish Shedlock points out, voluntary employment increased by 840,000 and involuntary part-time employment rose by 275,000.  Compared to last month, full-time employment declined by 523,000! U-6 unemployment, a better measure of the real labor market was still at 12.1%. The labor force participation rate stood at 62.8 percent, while those not in the labor [...]

By | 2016-09-29T14:29:49+00:00 July 3rd, 2014|Economy, Mortgage Rates, Real Estate, Texas Employment|0 Comments