Texas Economy’s Rebound Stalls in July after Gains in May, June via Dallas Fed

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. Employment and other activity had increased strongly from April lows during initial pandemic disruptions in the state.

As a result, the Texas Employment Forecast suggests that on net the number of jobs will decline 4.8 percent this year on a December-over-December basis.

Texas employment improved in June—though more slowly than May’s pace—after historic contractions in April. The state recovered about 522,000 jobs in May and June, about 40 percent of the 1.3 million jobs lost during March and April.

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