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Saturday, 12 June 2021

The Rebound: The Post-Covid Economy part 2

Credit: ABC 25 News KXXV
Duration: 02:30s 0 shares 1 views
The Rebound: The Post-Covid Economy part 2
The Rebound: The Post-Covid Economy part 2

REBOUND FROM THECORONAVIRUSPANDEMIC, JENNIFERLAMB SAYS, SHE'S NOTHOLDING HER BREATH." I KNOW THERE'S A LOT OFBAD THINGS THAT CAMEFROM IT A LOT OF PEOPLETHAT LOST THEIRJOBS, BUT THERE WAS A LOTOF I THINK EVOLUTION, IN ITAS WELL,"SHE'S WAITING TO SEEWHAT CHANGESWROUGHT BY THEPANDEMIC WILL STAYAND WHICH WILL GO.BUSINESS STILL HAS TOFIGURE THAT OUT."THE HEALTH OF THEECONOMY IS GOING TO PLAYA LARGE ROLE IN HOW THISSHAKES OUT,"ONCE IT DOES,ECONOMISTS SAY, THESKY'S THE LIMIT."ECONOMY WAS QUITESTRONG BEFORE THEPANDEMIC STARTED.THERE'S NO REASONWE CAN'T COME OUT OF ITWITH A GREAT DEAL OFMOMENTUM.."BY NOW, YOUPROBABLY KNOW DR.RAY PERRYMAN OF THEPERRYMAN GROUP.HIS RESEARCH SHOWS,TEXAS ONLY NEEDS A1/2 MILLION NEW JOBSTO GET IT BACK TOPRE-PANDEMIC LEVELS.IN APRIL HE SAYS TEXASADDED 13-THOUSANDJOBS WITH BIG GAINS INHOSPITALITY, ANDPROFESSIONAL ANDBUSINESS SERVICESLEADING THE WAY.AT THE SAME TIMETHOUGH, THE STATELOST JOBS INCONSTRUCTION,MANUFACTURING, ANDSEVERALMOSTLY CONNECTED TOTHE ENERGY BUSINESS.WHEN IT COMES TOUNEMPLOYMENT, TEXASHAS IMPROVED TOIN APRIL, BUT IT STILLHOVERS ABOVE THENATIONAL AVERAGE OFAPRIL=6.1 %.

MAY=5.8%"AS THE ECONOMYBEGINS TO RECOVERAND THERE'S EVERYREASON THAT ITSHOULD RECOVERNOW THAT WE CANOPEN THINGS UP, IF WECAN AVOID THE PAIN,ANY FURTHER SPIKES INTHEVIRUS.

THERE'S NOREASON WHY WE, ASTHE ECONOMY COMESFORWARD.

WE CAN'TGROWPRETTY RAPIDLY."REMEMBER THOUGH, THEPANDEMIC TURNED THEECONOMY ON ITS HEAD ANDNEARLY SHUT ITDOWN.BUT THERE'S AN UPSIDE TOTHAT.IT FORCES US TO INNOVATEAND FIND EFFICIENCIES WEHADN'T LOOKED FOR.AND THE INNOVATION WILLHAVE TO CONTINUE, ASBUSINESSES STRUGGLE TOCOME UP WITHWAYS TO FIND THEMANPOWER THEY NEED.PERRYMAN SAYS,COMPETITION FORSKILLED LABOR HASBECOME INTENSE.THE RESTAURANT ANDHOSPITLITYBUSINESSES CONTINUESTUGGLING TO COAXWORKERS BACK, ANDCHILD CARE REMAINS AHUGE BARRIER TOMANY THINKING OFRETURNING TO WORK.PERRYMAN ALSO SAYSIT'LL TAKE A WHILE TOSMOOTH OUTLINGERING WEAKNESSIN THE SUPPLYCHAIN, ALSOSTUGGLING TOATTRACT GOODWORKERS."THERE'S A WORKFORCESHORTAGE, PEOPLE HAVE ALOT OF OPTIONS IN THEWORKFORCE."STILL, PERRYMANFORECASTS, TEXASWILL ADD 1.6 MILLIONNEW JOBS BY 2025,BRINGING ITS ANNUALGROWTH RATE TO2.39%.HE SAYS THE REALGROSS PRODUCT WILLGAIN $424.4 BILLIONDOLLARS OVER THENEXT 5 YEARS, WITHEXPANSION IN ALLMAJOR INDUSTRYGROUPS.EXPANSION THAT LAMBSEES, COMING...GRADUALLY."I THINK THAT IT'LL BE A SLOWRISE TO THAT I THINK IT'SGONNA TAKE A LOT OFPEOPLE SOMETIME TO GET BACK IN THEGROOVE OF THINGS,"WHILE WE ALL ADJUSTTO THE NEW, "NEWNORMAL".DENNIS TURMER, 25NEWSIF YOU'RE LOOKING FORA JOB IN WACO -- THE

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