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June 12, 2020 Comments Off on First-Time Jobless Claims Declining, Still Large by TX Standards Views: 419 Austin, Texas News, Top Texas

First-Time Jobless Claims Declining, Still Large by TX Standards

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The tide of coronavirus-induced layoffs in Texas appears to be slowly receding, the Austin American Statesman reported Thursday. Weekly claims for first-time unemployment benefits in the state were down for the seventh week in a row, and slipped below 100,000 for the first time since mid-March.

However, the numbers of newly out-of-work Texans remain huge by pre-pandemic standards. The roughly 90,000 who filed for benefits last week is about seven times more than the weekly average in February.

Ray Perryman, president of the Perryman Group, a Waco-based economic research and analysis firm, called the downward trend favorable. He said, though, that “getting back to our prior strength is going to take a while” because the underlying numbers are still much higher than pre-pandemic levels.

Perryman sounded a note of caution, calling recent figures for coronavirus cases and hospitalizations in Texas “not encouraging at present,” amid ongoing efforts to kick-start the economy.

Read more at Statesman.com

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