Unemployment & Job Creation
Monday TXBIZ Talks had the honor of hosting Secretary Eugene Scalia for a presentation and discussion moderated by Federal Affairs Committee Chairman, Eddie Aldrete (IBC Bank). Secretary Scalia provided an inside look into the Department of Labor's handling of the COVID-19 pandemic as well as an economic overview. He shared that originally unemployment projections were grim, with 7.5 million Americans expected to be jobless in May. However, he highlighted that in actuality, there were 2.7 million jobs created and another 5 million were gained in June, exceeding all expectations. In Texas, unemployment dropped from 13.5% to 8.6% in June, one of the largest drops in the country.
Secretary Scalia applauded Americans, stating that we have been "off to a strong start," but he plans to make more headway going forward. He also credited President Trump for priming the economy for a stunning rebound by lowering taxes and passing the USMCA trade agreement prior to the pandemic. Focusing on the future, Secretary Scalia emphasized that facilitating return to work is an ongoing priority for the Department of Labor. He elaborated on the "Blue Collar Boom" that was in place before COVID-19 shook the nation, and underscored the department's continuous efforts to support trade associations in Texas and across the United States.