Texas Jobs Decline at Historic Pace from Impact of COVID-19

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FILE – In this Thursday, Aug. 31, 2017, file photo, a flame burns at the Shell Deer Park oil refinery in Deer Park, Texas. With the viral outbreak spreading to more countries, the price of oil has dropped precipitously as global demand weakens even further. That has sent shares tumbling for oil giants like Exxon and Chevron while smaller producers with idling rigs continue to slash jobs. (AP Photo/Gregory Bull, File)

DALLAS, Texas (Federal Reserve) – , in the two months ended in April, according to the Federal Reserve Bank of Dallas’ latest Texas Economic Update.

“Amid widespread lockdowns due to the COVID-19 pandemic, Texas employment declined sharply across all major industries in April, with leisure and hospitality, other services and energy among the worst-hit sectors,” said Dallas Fed senior economist Anil Kumar.

The decrease affected all major metro areas, with the steepest drops coming in El Paso, Fort Worth and Austin followed closely by Houston, San Antonio, and Dallas.

While the state unemployment rate is likely to remain elevated, there are signs of an emerging recovery, according to Kumar.

“The Texas Business outlooks Surveys point to signs of an emerging recovery as perceptions of broader business conditions turn less pessimistic in May and indexes of future activity rebounded into positive territory,” Kumar said.

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April 22 2021 09:00 am