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Is the recession over in El Paso?
In December 2007, the U.S. economy entered a mild recession, a downturn that would ultimately trigger the worst financial crisis since the Great Depression and a fall into one of the longest and deepest recessions of the past 60 years. Growth returned to the U.S. in mid-2009 but remains too slow to make inroads into stubbornly high unemployment. Virtually no geographic area of the country was left untouched by the U.S. downturn, including El Paso, although the local economy performed much better than other border cities, such as McAllen, Brownsville and Laredo. Government-related spending, ...
Spotlight: Texas service sector outlook survey completing the regional economic picture
The service sector drives the Texas economy, accounting for 59 percent of private-sector output and employing close to 7 million workers. Despite the service sector?s prominence, there are no timely state-level gauges of its activity. To fill this regional data gap, the Federal Reserve Bank of Dallas began assembling the Texas Service Sector Outlook Survey (TSSOS) in 2007. After a four-year collection period, the data have been seasonally adjusted, with public release June 1.