Dr. Perryman expresses the role of a significant stimulus package in keeping the economy poised for recovery after the pandemic.
Dr. Perryman reacts to the Federal Reserve's latest unemployment projections.
Ten years after the Economic Recovery Act, Dr. Perryman discusses what recognition presidents deserve in driving the economy.
Our latest forecast update indicates significant declines in economic activity through 2020, despite a notable comeback from the dark days of spring, but a return to growth next year. In addition to the staggering and tragic human costs, the pandemic continues to curtail business activity. Even so, the economy, which was healthy going into the COVID-19 crisis, is signaling resilience and recovery potential.
The most recent employment data indicates that the pace of hiring in Texas has slowed. In September, 40,700 net new jobs were added, compared to 111,900 in August. Moreover, the unemployment rate rose and is now higher than the national level. Not great news, but not unexpected.
The US economy continues to generate new jobs, with the latest (September) report showing a modest gain of 661,000. The unemployment rate has decreased from 14.7% in April to 7.9% last month. Though the situation is improving, the total increase over the past few months is well below the 22.2 million lost during March and April. Additionally, the recovery has been decidedly uneven. The "rising tide" that was improving the lot of people from all socioeconomic groups prior to the pandemic has unfortunately turned.