The difference between the actual and potential output of an economy—widely known as the output gap—is so critical to central bank policy that scholars and policymakers devote a great deal of time and effort to estimating it and, accordingly, deciding how much to adjust various monetary instruments. Correctly gauging the output gap is particularly difficult because an economy’s potential output is not directly observable. 

Texas Business reports: Texas total nonfarm employment increased by 33,100 jobs during April 2013. Between April 2012 and April 2013, Texas total nonfarm employment increased by 3.0 percent, the State Comptroller reported. 

Texas Business reports: COLLEGE STATION – Is Texas still in a drought? It depends upon where you are and whom you talk to, according to the U.S. Drought Monitor and reports from Texas A&M extension service agents across the state. 

Texas Business reports: WACO—When their schools are near fast-food restaurants, black and Hispanic adolescents are more likely to be overweight and receive less benefit from exercise than Asian or white students, according to a study published in the current issue of Journal of Public Policy & Marketing. 

Texas Business reports: WACO—Baylor University announced it received a $35 million gift from Paul L. Foster, a Baylor graduate and resident of El Paso. 

Since the 2010 U.S. census, the number of naturalized citizens has increased substantially in Texas, and the state's immigrants account for significant purchasing power and economic output, according to an analysis by a Washington-based think tank urging immigration reform. 

Texas Business reports: COLLEGE STATION – Recent hail storms in the Northern Plains were the final straw for much of the wheat there, but many areas still have the chance to make decent yields, according to a Texas A&M Extension Service agronomist. 

Texas Business reports: Immigrants, Latinos, and Asians account for growing shares of the economy and electorate in Texas, according to the Immigration Policy Center. Immigrants (the foreign-born) make up roughly 1 in 6 Texans, and one-third of them are naturalized U.S. citizens who are eligible to vote. 

Texas Business reports: Retail sales improved notably in May, according to business executives responding to the Texas Retail Outlook Survey. The sales index climbed back into positive territory, gaining 16 points to reach 11.6. Inventories were largely unchanged. 

Texas Business reports: AUSTIN—The Texas Parks and Wildlife Commission recently approved $5.7 million in federal grants for 33 recreational trail projects across the state. This is the largest amount of grant funds awarded from the Recreational Trail Grant Program in the 20-year history of the program in Texas.  

When Gov. Bobby Jindal of Louisiana wanted to sell his plan to replace his state’s income tax with a higher sales tax, he pointed to Texas as both the problem and the solution.

Texas Business reports: Texas service sector activity expanded in May, according to business executives responding to the Texas Service Sector Outlook Survey. The revenue index, a key measure of state service sector conditions, rose from 6.1 to 11.8, indicating activity picked up pace this month. 

Texas Business reports: Texas factory activity increased sharply in May, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose from -0.5 to 11.2, indicating a notable pickup in output. 

Texas Business reports: COLLEGE STATION – Though recent storms promised to reset the drought button for a large part of East Texas, the western half of the state will likely see below-normal precipitation from now through August, according to a Texas A&M University climatologist. 

One of the state’s worst droughts in decades has been particularly hard on its iconic ranching business, with the barren land leading to increased costs to feed cattle. In Starr County, at the southern tip of the state, Texas Agrilife Extension agent Omar Montemayor can’t give the ranchers money or rain, but he is teaching them ways to keep their herds healthy.

Texas Business reports: WACO—At their spring meeting today, the Baylor University board of regents approved construction of phase one of a new on-campus track and field stadium and voted to move forward in developing the design for the proposed new School of Business building. 

Texas Business reports:  FORT WORTH—American Airlines today launched a systemwide boarding process it claims saves overall boarding time by allowing customers who are traveling light to board earlier. 

NEW BRAUNFELS — Off a dirt road connected to ever-flowing Interstate 35, a little metal sign on a wooden fence is the only indication of what lies ahead. Nearby, Buckley Powder, a mining and construction supply company, stores large quantities of ammonium nitrate, the source of the explosion at a fertilizer depot that killed at least 14 people and injured hundreds more last month in West.

Texas Business reports: COLLEGE STATION – Texas cotton planting intentions may be affected by the replanting to cotton of freeze-damaged wheat acreage, but a Texas A&M extension service expert doesn’t expect the change to be significant on dryland wheat acres. 

Texas Business reports: WACO—Sunless tanning -- whether with lotions, bronzers or tanning pills -- has been promoted as an effective substitute to dodge the health risks of ultraviolet rays, but if the products don't provide the perfect tan, young women likely will not use them, according to a Baylor University researcher.

The resilient longhorn, able to survive on sparse foliage and water, has endured in Texas for more than 100 years. But the recent sale of about 100 longhorns by theTexas Parks and Wildlife Department has spurred debate about the breed’s future in the state.

Texas Business reports: The Texas Comptroller's Office reported state sales tax revenue in April was $2.15 billion, up 3.9 percent compared to April 2012. 

Texas Business reports:  IRVING, Texas—Exxon Mobil Corporation started development of the Julia oil field in the Gulf of Mexico.