Federal Reserve Bank of Dallas

The Federal Reserve Bank of Dallas has noted that although payroll employment in Texas contracted by 1.25 million jobs in March and April, it was less severe of a contraction than in other parts of the country.

Millions of Texas residents have filed for unemployment since the COVID-19 pandemic began in March. The unemployment rate is almost double the figure in January, and although the Federal Reserve Bank of Dallas sees some recovery, it’s a grim picture.

Despite the Texas economy recovering from the initial COVID-19 pandemic disruptions during May and June, July saw a resurgence of coronavirus cases and the economy has taken another hit.