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Oil crash causes drag on Texas economy

Attrition from crisis could result in loss of 60,000 to 80,000 mining jobs, as well as ripple effect on other sectors such as retail and hospitality

Only a handful of petroleum firms have filed layoff notices in Texas this year, and the Workforce Commission actually reported an increase in mining jobs in December. Yet few doubt what lies ahead for the second-biggest US state by economic output and population after California.

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AS the saying goes, everything is bigger in Texas.

For the past five years, the economy of the Lone Star State has outperformed the rest of the United States. But the collapse in oil prices has left Texas facing its toughest test since the financial crisis.

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