07122020Sun
Last updateThu, 09 Jul 2020 3pm

Manufacturing & The Economy

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

Payroll employment in Texas contracted at a historic nonannualized rate of 9.6%, or 1.25 million jobs, in the two months ended in April. The sharp contraction from employment levels in February, prior to the impact of the COVID-19 pandemic, was widespread across all industries. However, job losses in Texas were less severe than in the nation.

The Dallas Fed's production index, the headline indicator for manufacturing activity in Texas, remained negative but the contraction slowed from -55.6 to -28.0, a sign that the decline in output had eased since April.

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