Texas was among the states seeing the biggest increase of first-time jobless claims last week, though the overall number was down slightly from the week before.
Roughly 60,000 fewer Americans filed for unemployment last week, but economist Patrick Jankowski at the Greater Houston Partnership, says the 1.48 million who did is still way too high.
“The first round was mainly the low-skill, the low-level, maybe people on the front lines. Now, the supervisor people. The people who are in the back office running the show. We're starting to see layoffs in those positions as well,” he says.
An additional 5,000 Texans filed for unemployment last week, and Jankowski says there's still a lot of pain in the oil and gas industry.
“We've lost 24,500 jobs just since last May. We've lost almost 20,000 just in this pandemic,” he says. “If you want to go all the way back to December 2014, we're down 87,000 jobs from where we were at the height of the fracking boom.”
Bottom line, Jankowski says we're still a long way from an economic recovery.
“Much like individuals, if the business was unhealthy prior to the pandemic, they're going to be at more of a risk of going under just the way someone who has pre-existing health conditions if they get the virus.”