A&M economists say recovery from recession is continuing

The Brazos Valley’s recovery from the recession in March and April is continuing with only minor downfalls
Published: Dec. 21, 2020 at 4:52 PM CST
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BRYAN, Texas (KBTX) - As we enter the final days of 2020, we’re really starting to see the full economic toll taken from the pandemic.

Texas A&M economists have been tracking this data all year and have just recently released their final report on our local economy for the year. Texas A&M Private Enterprise Research Center director Dennis Jansen was on First News at Four on Monday to explain the findings.

Most of the variables showed modest growth from September and October, but the one that went down was in relation to wages while employment went up slightly.

Jansen says locally, our recovery from the recession in March and April is continuing.

“The wage number did decline but it comes out quarterly and it comes out with a long delay,” Jansen said. “It’s from the second quarter of this year, and that included the April-May-June period.”

Both state and local had a slight increase in unemployment this fall that we didn’t see on the national level. While we’re still doing well comparatively here locally, the state is lagging behind the national average.

Jansen says that’s concerning.

“Texas’ unemployment rate increased quite a bit from 6.9 percent that we report in Economic Indicators for December to 8.1 percent.” Jansen said. “Meanwhile, the United States rate for November was 6.7 percent.”

Jansen says industries like natural gas and oil production plays a big role in Texas’ employment numbers.

To watch the full interview with Dennis Jansen, click on the video player above.

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