Fisher, speaking in Austin on Tuesday night, said nationally it will be "some time" before job growth occurs.
He noted that Texas' unemployment rate is about two percentage points below the national jobless rate of 10.2 percent. But he also said that at current rates, about 400,000 jobs will be lost in Texas this year.
Fisher said Texas' economic cut is less deep, in part because the state didn't have overpriced housing stock like other states. So, he said, there wasn't the same degree of home equity loan exposure in Texas.
He says as the top exporting state, Texas' economy will be affected heavily by global market trends.