August 11, 2020
The Odessa Economic Index declined to 238.0 in June, down another 7.4 points from the May index of 245.4, and down 12.7% year-over-year. The index declined at a 35.8% annualized rate over the course of the second quarter.
The Odessa metro area economy has now been in a state of contraction for a full year, and the OEI registered its 12th straight month of decline in June. The pace of that decline accelerated in April “with the onset of the economic troubles wrought by COVID-19,” writes InghamEcon’s Karr Ingham.
“The impacts of the coronavirus on economies at all levels – local, state, national, and international – have been nothing short of devastating, and this is true in Odessa as well with the shocking declines in economic activity, utter turmoil in the industry that drives the local economy, thousands of people thrown out of work, and households and businesses upended,” Ingham writes.
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