Texas Economy Suffers from Lower Oil Prices

Dallas Federal Reserve Manufacturing Survey (January 2016)

– General Activity Index -34.6. Previous was -21.6
– Production Index -10.2. Previous was +12.7

This marks 13 consecutive months of contraction. Texas is in recession.  Like some nations it depends on oil prices to support its economy.  To be fair, Texas is a lot more diverse than Saudi Arabia.

While it is true that much of the U.S. economy has changed from manufacturing to services take a look at this article and particularly the two pie charts therein:

http://www.zerohedge.com/news/2016-01-23/its-only-manufacturing-recession-whats-big-deal-heres-answer