DALLAS (WBAP/KLIF News) – Oil prices have taken a dive, but a senior economist with the Federal Reserve Bank of Dallas says Texas is not headed for a recession.
Based on current data, the chance Texas will go into a recession this year is around 15% or lower, according to Keith Phillips.
Recessions are defined by sharp declines in indicators such as job growth, unemployment and gross domestic product.
Phillips said forward-looking measures of the economy point to continued slow growth ahead, but not a recession.
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