Dallas Fed Economics: Texas rebound likely slowed by renewed COVID-19 impact on services, retail

State & Regional

(Photo provided by the Federal Reserve Bank of Dallas)

DALLAS (NEWS RELEASE) — The following is a news release from the Federal Reserve Bank of Dallas:

Texas jobs grew at an annualized 3.6 percent in the third quarter, falling short of the national growth rate of 11.9 percent, according to the Federal Reserve Bank of Dallas’ latest Texas Economic Update. For the year, The Dallas Fed’s Texas Employment Forecast  predicts a 4.2 percent decrease in Texas jobs.

“Although the jobs recovery since April has been slower in Texas than the nation, the overall share of jobs lost in Texas since the beginning of the pandemic is smaller than for the nation,” said Dallas Fed Research Economist Yichen Su in a video accompanying the report.

The Dallas Fed’s Mobility and Engagement Index flattened out in October, likely due to the rise in COVID-19 cases, according to Su.

“The results of the October Texas Service Sector Outlook Survey are another indicator showing slowing activities in services and retail,” Su said. “Dallas Fed survey participants say concerns over COVID-19 resurgence and the political climate are driving up uncertainty. The depressed oil market, rising input costs and staffing difficulties are cited as additional constraining factors for businesses.”

(News release from the Federal Reserve Bank of Dallas)

EverythingLubbock.com continues ongoing coverage of coronavirus (COVID-19) recovery efforts in Lubbock and the South Plains

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