Amid Abbott's economic praise, Texas faces rising layoffs, with 2,274 new jobless claims challenging the state's growth narrative.
As Governor Greg Abbott lauds Texas for surpassing the national economic growth rate, as measured by the state's gross domestic product, the Lone Star State faces a surge in job losses, primarily in the retail and manufacturing sectors.Texas saw an unexpected increase of 2,274 initial jobless claims for the week ending March 23, according to data published by the Department of Labor on April 4, casting a shadow over the state's economic celebrations.
'As a result, we continue to expect labor-market developments, alongside CPI data, to guide the to start easing in June,' he added.Despite Abbott's optimistic outlook, the recent uptick in jobless claims, particularly in sectors integral to Texas' economic identity—such as retail and manufacturing—signals potential turbulence ahead. Those sectors, historically pillars of the state's economy, now reflect the vulnerabilities faced by Texan workers.
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