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Tag Archives: jobs
Current Economic Situation, 12/17/2020, Holiday Retail Edition
Clearly, many Americans and Texans continue to struggle in the current health and economic environment. Texas (following national trends) COVID cases, hospitalizations, and deaths are up substantially from early fall (NY Times and TX DSHS). As I write this post, I’m home quarantining with my 10-year-old son, who was potentially exposed to COVID-19 at school (so far, we are still healthy). I certainly appreciate the fact that I have a job that allows me to work from home. Many people must work from specific physical locations and interact… Read More →
Current Economic Situation, COVID-19, 8/21/2020
Five months into the U.S. COVID-19 pandemic and rapid-onset recession, schools across much of Texas and the U.S. are opening to both on-campus and online education with social distancing and heightened cleaning procedures. As Americans began to resume more normal activity patterns in June and July, coronavirus cases surged, forcing a retreat to homes and numerous cancellations of fairs and other statewide and local celebrations. My kids’ school moved the start date up and then pushed it back. They started school this week with temperature checks and masks…. Read More →
Current Economic Situation, COVID-19, 5/19/2020
Clearly, this is a difficult time, and many people are truly struggling with health and economic concerns. This morning I read an article calling the current situation “the worst downturn in generations — one with no bottom in sight.” I’ve lost my radar for hyperbole amid the recent news of doom and disaster, but I don’t think the author intended hyperbole. Most of the article wasn’t really news: the idea that economic downturns disproportionately affect young and relatively less skilled workers is established in the economic literature. The… Read More →
Current Economic Situation, COVID-19, 4/23/2020
The big news this week is that states are easing COVID restrictions, which is both good for the economy, at least in the short term, and risky. Several states, including Texas, have begun the process of reopening the state’s economy. In Texas, that will be a slow process, with nonessential retail outlets initially being open for curbside pick-up only. No wandering around boutiques or dining in restaurants just yet. Other states, including Georgia, are taking a more aggressive approach. There is still widespread debate about whether we are… Read More →
Current Economic Situation, COVID-19, 4/9/2020
Earlier this week, Texas Comptroller Glenn Hegar admitted in a Texas Tribune interview that the state is in a recession. He said that calling the current economic conditions a recession helps people manage expectations, also noting that COVID-19-related business disruptions and not lower oil prices are the primary drivers of the downturn. Recent data point to financial hardship for both unemployed persons and businesses. The BLS reported that 6.61 million Americans filed for unemployment benefits in the week ending April 4, slightly lower than last week’s revised 6.68… Read More →
Current Economic Situation, COVID-19, 4/2/2020
Texas businesses are no strangers to natural disasters. Small business owners have weathered hurricanes, tornadoes, floods, wildfires, and more. These disasters are short events, although they may be followed by lengthy recovery periods. The COVID-19 pandemic is different in many ways. This event is longer and unknown. Whereas a hurricane hits and moves on within a few days (albeit with massive physical destruction), pandemics can last weeks or months. Pandemics are also widespread rather than contained to a relatively defined geography. Furthermore, pandemics negatively shock both supply and… Read More →