Despite the impact of the oil price slump, the Texas economy is not headed for recession, Federal Reserve Bank of Dallas senior economist Keith R. Phillips said in a new video. In fact, based on current data, the probability that Texas will go into recession this year is around 15 percent or lower, Phillips said.
"If you look at the Texas Business Cycle Index over the last year, despite the big decline in energy prices and the decline in the oil and gas industry, the Business Cycle Index continues to grow, suggesting that Texas remains in expansion and has not gone into recession," he said.
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