TEXAS JOB LOSSES - The Texas unemployment rate for April is the worst on the state’s record. For the month of March, it was at 4.7-percent. Now, it has since skyrocketed. Cisco Gamez is with the Texas Workforce Commission and explains more.
“The Texas unemployment rate for April 2020 is 12.8-percent due to the impact of COVID-19 pandemic,"Gamez explained. "12.8-percent is lower than the national average of 14.7-percent.”
According to the Texas Workforce Commission, all major industries in Texas experienced job losses over the last month. Still, Gamez says Texas is hiring with more than 525,000 jobs available on the agency’s website.
But even with all the jobs available -- The Federal Reserve Bank of Dallas is still forecasting unemployment in Texas to remain exceptionally high through the rest of the year. The Dallas Fed's forecast released last Friday estimates the Texas jobless rate will surge this month to 20 point 6 percent, based on weekly unemployment claims so far. A weaker energy sector will slow the state's economic recovery. Fed economists say the unemployment rate by December will land around 13 point 9 percent, but warn making predictions during the pandemic is "particularly uncertain".
