WESLACO, Texas – Texas’ economic rebound stalled in July, according to the Federal Reserve Bank of Dallas.
The bank says the resurgence of COVID-19 in July “appears to have reversed” economic gains in Texas that emerged when the virus’ frequency abated in May and June.
Details are contained in the bank’s latest Texas Economic Update.
“The latest data from the Texas Business Outlooks Surveys suggests continued recovery in manufacturing but a renewed contraction in services,” said Dallas Fed associate economist Christopher Slijk. “Industries which rely on face-to-face contact, such as tourism and retail, have suffered sharp pullbacks in activity.”
As a member of the Research Department’s regional group, Slijk’s work focuses on economic growth in Texas and the Eleventh Federal Reserve District. He coordinates the production and written releases of the Dallas Fed’s Texas Service Sector and Retail Outlook Surveys and the Eleventh District Agricultural Survey.
Slijk also produces articles for various Bank publications and academic journals. His background includes work in time-series forecasting, real-time data analysis, and regional economic development.
Slijk is a Certified Business Economist by the National Association of Business Economics. He has a BA in economics from Cornell University.
Looking ahead, the Federal Reserve Bank of Dallas believes that in the second half of the year, Texas job growth is expected to slow significantly from May and June levels, leading to the loss of 622,600 jobs this year.
“The outlook for 2020 remains weak, with jobs in Texas projected to decline 4.8 percent for the year. The most significant headwinds to the state economy include further constraints in growth due to the pandemic and ongoing weakness in the energy sector,” Slijk added.
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Editor’s Note: Credit for the main image accompanying the above news story goes to ABC 13 Houston.
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