Job Losses Loom as the Recession Arrives in Texas

The national recession is about to catch up with Texas, costing the state 111,000 jobs in the next six months, the state comptroller warned legislators in Austin on Monday.

The new forecast is a sharp turnaround for Texas, which for months continued to prosper even as the economy crumbled in most of the rest of the U.S. While most states were shedding jobs in the 12 months ended in November, Texas added 221,000.

As always in Texas, oil and gas prices played a leading role in the economy's boom, and now are contributing to the bust.

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