PERC Staff Discuss Decline In Local Economy In The Eagle
Nov 30, 2020
Summary: The recent decline in the College Station-Bryan economy, as well as the expectation of lower unemployment rates was the topic of an article in Sunday’s edition of The Eagle newspaper that featured PERC’s Director Dennis Jansen and Executive Associate Director Andrew Rettenmaier. The article, which was published on November 29, 2020, sourced information from the November issue of Economic Indicators
, a monthly report produced by PERC on the health of the local economy.
In the report, the Business-Cycle Index fell by 3.2% from August to September after four continuous months of positive growth.
“Locally, we had some bad statistics come out in September,” Jansen said Tuesday. In September, Jansen noted, “employment fell a little bit, unemployment went up and taxable sales went down. We had a triple whammy. Everything that goes into our index went in the wrong direction.” Rettenmaier added that there was a significant local spike in unemployment claims at the end of August and the first week of September, with 771 people filing claims in a two-week span.”
There is hope for good news – the unemployment rates for the U.S. and Texas both fell in the month of October. Local unemployment data for October is expected to follow suit.
“I think October bodes well for much better statistics,” Jansen said. The statewide unemployment rate was 6.8% in August, rose to 8.3% in September and then fell to 6.9% in October. Every metro area in Texas had an unemployment rate increase in September, the economists said. Rettenmaier added that a figure to watch regarding the health of the local economy was the coming months’ taxable sales.”
To read the full article at The Eagle, click here.
Read the November issue of Economic Indicators