Dallas Fed releases June market update

In an effort to keep a pulse on the economic activity in and around Texas, the Federal Reserve Bank of Dallas has issued a June update on the local economy and prominent industries.

According to the Dallas Fed, the Houston economy peaked last November and then declining oil prices helped push the region into the recession that engulfed the nation.

Based on recent economic data, the group says it sees "few signs that the rate of decline in the local economy is slowing."

The Dallas Fed reports that oil markets are largely focused on the U.S. economy, the strength of the dollar and on inventory levels given that consumption of gasoline is down 2.6 percent compared to a year ago and oil prices have risen from $50 to $70 a barrel recently.

Oil and gas services and machinery have also suffered in recent months as work has tapered off, the rig count has declined and revenues have dropped.

Employment in the region has dropped at a 3.7 percent annual rate over the last six months and the unemployment rate has increased from 5.5 percent to 7.2 percent, says the Dallas Federal Reserve.