Thursday, April 2, 2020

Texas reeling into recession from double blows of coronavirus and oil slump, Comptroller Glenn Hegar says via Dallas Morning News

Texas’ usually buoyant economy has just run over two sharp nails — coronavirus and low oil prices — and the resulting slowdown is dramatic, Comptroller Glenn Hegar said Wednesday.

“There’s no doubt that Texas is going to be in a recession — just like pretty much the rest of the world,” he said.

While data showing the scope of the state’s economic contraction won’t be out for another few weeks, Hegar said early signs from counties that collect sales tax on motor vehicle purchases and rentals showed significant declines for a limited part of last month — all that’s been reported so far.

Read more...Texas reeling into recession from double blows of coronavirus and oil slump, Comptroller Glenn Hegar says via Dallas Morning News

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