Texas Falling Into Recession Due To Lower Oil Prices And Massive Job Losses

Jun 2014
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In A Van Down By The River
While the U.S. economy continued to add jobs last month, states that rely heavily on the oil industry experienced significant cuts. Job losses hit particularly hard in Texas (down 25,400 jobs) and Oklahoma (down 12,900), leading the nation in losses. North Dakota lost 3,000 jobs, a significant cut in such a small state.

The decline in oil prices has provided a windfall for consumers who are paying less at the pump. But the plunge is now hurting the states that had benefited from the domestic oil-production boom in recent years. All told, 31 states and Washington, D.C., saw a drop in employment in March, and only 18 states saw employment rising. The broad deterioration was a reversal from February, a month in which only 13 states saw decreases and 36 states and D.C. saw an increase.

Michael Feroli, the chief U.S. economist for J.P. Morgan Chase JPM -1.47%, said Monday that the scale of job losses in Texas is so large that the state may be in recession.

http://blogs.wsj.com...nomics/2015/04/ ... rediction/
 
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Dec 2010
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Virginia
This too will pass if you let the economy go, the Cycle is completed and rebound
Fundamental fallacy of the right: Believing that the economy is ordered, mechanistic, and predictable when it is, in fact chaotic, ecosystemic, and capricious.
 
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Dec 2010
36,825
28,616
Virginia
While the U.S. economy continued to add jobs last month, states that rely heavily on the oil industry experienced significant cuts. Job losses hit particularly hard in Texas (down 25,400 jobs) and Oklahoma (down 12,900), leading the nation in losses. North Dakota lost 3,000 jobs, a significant cut in such a small state.

The decline in oil prices has provided a windfall for consumers who are paying less at the pump. But the plunge is now hurting the states that had benefited from the domestic oil-production boom in recent years. All told, 31 states and Washington, D.C., saw a drop in employment in March, and only 18 states saw employment rising. The broad deterioration was a reversal from February, a month in which only 13 states saw decreases and 36 states and D.C. saw an increase.

Michael Feroli, the chief U.S. economist for J.P. Morgan Chase JPM -1.47%, said Monday that the scale of job losses in Texas is so large that the state may be in recession.

http://blogs.wsj.com...nomics/2015/04/ ... rediction/
Sucks to be them.

Lower gas prices is great news for the rest of the country.
 
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Sep 2013
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On a hill
Sucks to be them.

Lower gas prices is great news for the rest of the country.
Texas politicians have been working hard to lure businesses created in California in the hope of insulating the state from the ups and downs of the oil market - guess they haven't worked hard enough.
 
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