AUSTIN, Texas (AP) - A Federal Reserve Bank of Dallas economists' report says Texas felt the full force of the recession as 2009 rang in. And according to the report -- the state's unemployment rate could jump to 8 percent as more employers slash jobs.
At least 296,000 jobs could be lost statewide this year, driving up the unemployment rate which was 6.4 percent in January.
While the national recession got underway in December 2007, Texas managed to avoid the recession longer than much of the country.
Fed economists Keith Phillips and Jesus Canas wrote in the Fed's quarterly publication on the region's economy that the state was in recession as this year started.
Austin and Dallas could feel some of the worst pain as the
economy continues to decline this year because they have more
exposure than other large Texas cities to cyclical industries.