November 13, 2020
Initial unemployment insurance claims in Texas decreased to their lowest level since the pandemic hit the economy, dropping to around 30,500 the week ending Nov. 7 after increasing the previous week. This brings the statewide total of initial claims to 3.8 million.
“While weekly claims—a proxy for layoffs—have fallen from a peak of around 300,000 at the start of April, they remain above the 17,000 levels observed prior to the pandemic,” said Dr. Luis Torres, research economist at the Real Estate Center at Texas A&M.
Continuing unemployment claims decreased for the ninth consecutive week, falling to 546,700 the week ending Oct. 31, the lowest level since the pandemic hit the economy.
However, Torres said, “This downward trend can be reversed if COVID-19 cases continue to rise, impeding the reopening of the economy, causing government-mandated rollbacks or closures, similar to the two-week mandated closure by El Paso County.”
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