By BJ Austin, KERA News
http://stream.publicbroadcasting.net/production/mp3/kera/local-kera-824201.mp3
Dallas, TX – Texas could lose nearly 300 thousand jobs this year, according to an updated estimate by the Federal Reserve Bank in Dallas. That's about 100 thousand "more" than previously forecast. KERA's BJ Austin says the latest "Beige Book" is also out, and most of the news is bad.
The Beige Book measures the economy for Texas and parts of New Mexico and Louisiana. It says during the first two months of the year, the labor market remained weak, with layoffs prevalent across industries. The forecast for 300 thousand jobs losses by Fed economist Keith Phillips would translate to an 8% unemployment rate. University of North Texas economist Dr. Bernard Weinstein says it could happen, but there is an upside - believe it or not.
Weinstein: Unlike most of the country, Texas and the Dallas area actually had job gains in 2008. We didn't start losing jobs until November and December. And regardless of how high the U.S. unemployment rate gets, it'll be a point to a point-and-a-half lower in the Dallas-Fort Worth area, and for that matter across the state of Texas.
The Beige Book report says some employers are trimming hours and salaries to try to avoid jobs cuts.