Texas Economy Grows at Moderate Pace

The Texas economy is expanding at a moderate pace, with employment growing at a 2% annual rate in July. While the housing, real estate and energy sectors are witnessing strong activity, exports were flat through the second quarter and retail sales remain sluggish. Uncertainty from the European debt crisis, the looming fiscal cliff and upcoming elections continues to weigh on business sentiment and poses the main downside risk the remainder of the year.

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