Panhandle economy doing well despite fears of recession
AMARILLO, Texas (KFDA) - Fears of entering a recession have risen due to inflation, but experts say numbers show the Panhandle economy is doing well.
Unemployment numbers are low, currently sitting at 3.2 percent.
The physiological aspect of the fears stem from COVID-19 as well.
West Texas A&M University Associate Professor of Economics & Dana Professor of Business Neil Meredith says many of the fears come from inflation of grocery prices, gas, and still recovering from COVID-19.
“Our unemployment numbers look really good. I have no concern that we are doing worse than the national overall situation, though I don’t think the national overall situation looks bad necessarily,” said Meredith.
Meredith says he believes the Panhandle is strong and will continue to do well.
“One thing that you could say about the Panhandle is there’s sort of a stability of progress. One indicator I look here is the unemployment rate is actually really low. Which is an indicator of a strong labor market, the labor market locally is just really strong,” said Meredith.
The whole U.S. and world are still recovering from COVID-19 as well.
“We’re coming back out and recovering from COVID-19 and just the nasty hit it put on everybody. I think were just trying to recover from that,” said Meredith.
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