The Economist: The Stars at Night are Big and Bright and Soon to Be Out of Work
In December 2008 and January 2009 the state lost tens of thousands of jobs. Unemployment reached 6.4% in January. (That was more than a point below the national level, 7.6% in January.) And the worst is to come. Susan Combs, the state comptroller, has estimated that Texas will lose 111,000 jobs in 2009. Keith Phillips, a Fed economist based in San Antonio, has a gloomier perspective: he recently predicted that almost 300,000 jobs will go.