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Fisher
President and CEO Federal Reserve Bank of Dallas Dallas, Texas February 11, 2014
Texas +61%
Florida +43%
140 130 120 110 100 90 1990 1995 2000 2005 2010
Texas
+21%
Florida +10% U.S. +5% New York California +4% Illinois 3% Michigan 12%
+5%
2005
2010
67.0
46.7
43.6 34.9
17.6
15.4
14.7
10.7
10.4
9.0
NOTES: Categories are North American Industry Classification System supersectors. Data seasonally adjusted. SOURCE: Federal Reserve Bank of Dallas.
0.9
NOTES: Calculations include workers over age 15 with positive wages and exclude the self-employed. Wage quartiles constructed based on U.S. 2000 wage distribution. SOURCE: Current Population Survey Merged Outgoing Rotation Groups, 2000, 2012.
The state escaped the brunt of the housing sector fallout and the spike in underwater mortgages
NOTE: Texas ratio defined as the book value of all nonperforming assets plus other real estate owned divided by tangible equity capital plus loan loss reserves.
2006
2007
2008
2009
2010
2011
2012
2013 *
* YTD through third quarter 2013. SOURCE: Federal Reserve Bank of Dallas.
2013:Q3
11%
15%
18% 3% 8%
Mexico Canada European Union Asia, excl. China Latin America, excl. Mexico China 9% 36%
Texas
+3%
U.S. minus Texas 100 80 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
* Real, seasonally adjusted. SOURCES: Census Bureau; World Institute for Strategic Economic Research; Federal Reserve Bank of Dallas.
Austin
110 108 106 104 102
100 98 96 94 T T +10 T +20 T +30 T +40 T +50 T +60 T +70 T = months from peak employment
SOURCES: Bureau of Labor Statistics; Federal Reserve Bank of Dallas.
Lehman failure
QE3
9/26/12 $2.86
38%
54%
More than 5 years Over 1 to 5 years Up to 1 year 9/10/08 39% 34% 27%
79%
21% 0% '14
QE3
4%
31%
1.5
1.5 1
2.5 3 3.5
3.68
1.4
-1 5 Trimmed Mean PCE Inflation (%) 6.5 7 7.5 8
4 4.5
9.5 10
2.7
Year-over-year Real GDP growth
Percent of jobs recovered 9 0 . 0
Warning lights Engine Unemp. Yield jump curve stall Oil shock
5 5.5 6
5.5 5 4.5 6
8.5
5.81
6.6
4 Unemployment 10 rate (%)
9 9.5
!
High Yield 11 Corp. Debt (%)
5.6 3.7
5 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
SOURCES: Moodys, Bank of America Merrill Lynch, Federal Reserve Bank of Dallas.
Richard W. Fisher
President and CEO Federal Reserve Bank of Dallas Dallas, Texas February 11, 2014