Good luck hiring a retail worker in the Eagle Ford Shale.
The oil field has become a recurring topic in the Beige Book, the latest of which was published this week by the Federal Reserve Bank of Dallas.
The survey of economic activity in Texas, northern Louisiana and southern New Mexico again made reference to the activity in both the Eagle Ford and in West Texas, where Permian Basin drilling has boomed.
“Difficulty finding qualified workers became more widespread, with scattered reports among accounting, finance, single-family construction, auto sales, and primary metals manufacturing firms, as well as from retailers in the Eagle Ford Shale area.”
And bank loans are up.
“Commercial real estate and transactions lending increased solidly, especially in oil and gas areas around the Eagle Ford Shale and West Texas.”
And here’s what Fed economists have to say about the energy industry:
“Energy activity was little changed at high levels. Global demand held steady, although there was some weakness from Mexico and Canada. Respondents expect improvement in energy activity in the second half of the year, due in part to anticipated increases in rig activity and production from the Gulf of Mexico.”
You can read the Beige Book here.