Economic distress caused by the COVID-19 pandemic has sent the Texas economy into a tailspin. Virus containment measures have prompted unprecedented declines in demand and triggered mass layoffs, shaking business and consumer confidence.
Activity in the service sector has been more severely affected than in manufacturing, precipitating downward pressures on wages and prices. The state’s oil and gas sector has been decimated. The housing market has slowed, too, as sellers and buyers take a wait-and-see approach.
Read more...Texas Economic Activity Sharply Falls in Wake of COVID-19 via Dallas Fed