DALLAS, Texas (Big 2/Fox 24) – The Federal Reserve in Dallas released their economic update Thursday, which shows recovery stalled in July.
According to the report, as case numbers surged, economic growth fells as jobs in Texas are projects to decline by about 4.8 percent this year, amounting to the loss of around 622,600 jobs.
“The latest data from the Texas Business Outllooks Surverys suggest continued recovery in manufacturing but a renewed contraction in services,” Dallas Fed associate economist Christopher Slijk said in a statement. “Industries which rely on face-to-face contact, such as tourism and retail, have suffered sharp pullbacks in activity.”
Additionally, the study says while jobs in Texas will recover in the second half of the year, it will not be enough to overcome the losses in March and April.
See the full report here.