[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":29,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":-5,"_46":-5,"_47":48,"_49":-5,"_50":-5,"_51":52,"_53":54,"_55":56,"_57":42,"_58":42,"_59":-5,"_60":42,"_61":62},"id","kfpm493h4j7tetx1v05gn8xh4","revision",1,"title","达拉斯联储：德州经济在2025年末放缓，11月就业收缩、失业率升至4.2%","originalTitle","Texas Economic Indicators","summary","达拉斯联储1月23日发布的德州经济指标显示，德州经济在2025年末放缓：11月就业年化收缩0.4%（减少4,500个岗位），失业率从9月的4.1%升至4.2%。2025年截至11月，德州薪资就业人数收缩0.1%；联储对2025年12月同比就业增长的预测为零。12月制造业调查指数降至-3.2，服务业指数为0.1，接近零表明没有扩张；同期销售税收入环比增长0.9%至创纪录的55亿美元。","reason","材料汇总德州就业、商业调查、住房和消费数据，可用于了解该州经济在2025年末的变化。","source",{"_12":96,"_97":98,"_9":99,"_100":42,"_101":-5},"links",{"_93":94,"_86":95},"publishedAt","2026-01-23T21:56:00.000Z","discoveredAt","2026-10-05T04:18:34.139Z","timelineAt","category","paper","tags",[90,91,92],"stockSymbols",[],"score",63,"selected",true,"channel","news","story","x","readingMode","full","author","language","body",{"_62":85,"_86":-5,"_87":88,"_89":42},"outline",[63,64,65,66,67,68],"relatedStories",[],"indexable","markdownAvailable","group","hasTranslation","bodyLanguage","zh",{"_12":83,"_70":84,"_72":73},{"_12":81,"_70":82,"_72":80},{"_12":78,"_70":79,"_72":80},{"_12":76,"_70":77,"_72":73},{"_12":74,"_70":75,"_72":73},{"_12":69,"_70":71,"_72":73},"sec-6","text","消费者支出","level",2,"sec-5","住房","sec-4","德克萨斯州商业展望调查","sec-3","失业率小幅上升",3,"sec-2","就业增长停滞","sec-1","劳动力市场","

2026年1月23日

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

德克萨斯州经济仪表板（2025年11月）
就业增长（年化） \n 2025年8月至11月	失业率 \n	平均时薪 \n	平均时薪同比增长 \n
-0.6%	4.2%	$35.27	5.1%

2025年末，德克萨斯州经济增速放缓。10月和11月就业人数下降，失业率较9月小幅上升。12月的德克萨斯州商业展望调查显示，制造业略有收缩，服务业活动持平。10月出口下降，不过12月零售销售税收入有所增长。

劳动力市场

就业增长停滞

11月，德克萨斯州就业人数按年率计算收缩0.4%（减少4,500个岗位）。截至11月的年初至今，德克萨斯州薪资就业人数收缩0.1%，低于2024年录得的1.6%增幅（图1）。2025年就业增长喜忧参半：建筑业以及教育和医疗保健业（主要是医疗服务）大幅增长，但大多数其他主要行业均出现下降。达拉斯联储的德克萨斯州就业预测预计，2025年（12月至12月）就业增长为零。

失业率小幅上升

11月，德克萨斯州失业率从9月的4.1%小幅升至4.2%（图2）。全国失业率从前一个月的4.5%小幅降至12月的4.4%。此外，U6失业率是最广义的失业衡量指标，涵盖就业不足者、与劳动力市场联系松散者以及灰心丧气的求职者；该指标在德克萨斯州从9月的8.0%升至11月的8.5%，在全国则于11月小幅升至8.8%。

德克萨斯州商业展望调查

德克萨斯州商业展望调查显示，制造业产出略有下降，服务业收入持平（图3）。德克萨斯州制造业展望调查综合指数从20.5降至-3.2，而德克萨斯州服务业展望调查指数从-2.5小幅升至0.1；这一接近零的读数表明没有扩张。

住房

德克萨斯州住房市场活动仍然低迷。独栋住宅建筑许可的三个月移动平均值在8月下降3.5%（图4）。与此同时，现房销售的三个月移动平均值在11月小幅上升0.2%，德克萨斯州现房库存为相当于5.1个月供应量。过去几个月抵押贷款利率一直呈下降趋势，但12月仍处于6.3%的高位，住房可负担性继续受到影响。

消费者支出

12月，德克萨斯州销售税和使用税征收额小幅增长0.9%，创下55亿美元的历史新高（图5）。与一年前相比，经通胀调整的销售税征收额增长4.5%，表明消费者支出有所增加。

注：由于修订，数据可能与先前公布的数字不一致。

关于德克萨斯州经济指标

问题或建议可联系Diego Morales-Burnett。德克萨斯州经济指标在德克萨斯州就业数据发布后按月刊发。

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