April 19, 2024
Beacon Employment Report | Texas
Presented by Beacon Economics
Copyright © Beacon Economics LLC
TEXAS EMPLOYMENT NUMBERS COOL IN LATEST NUMBERS, BUT STATE REMAINS AHEAD OF THE PACK
UNEMPLOYMENT RATE HOLDS STEADY FOR 10TH CONSECUTIVE MONTH
19,100
Jobs Added
Hiring activity in Texas cooled in March (the latest numbers) following a strong showing in February. The latest figures from the Texas Workforce Commission (TWC) reveal that the state’s employers added 19,100 nonfarm payrolls during March, a 0.1% increase over February.
3.9%
Unemployment Rate
Nonfarm employment in the state has increased by 2.0% year-over-year, compared to 1.9% at the national level. Additionally, Texas continues to add more jobs than any other state by a considerable margin, adding 270,700 new positions since March of last year, followed by California (217,700), and Florida (211,100).
“Despite an uneventful month, Texas continues to lead other states and the nation as a whole in employment growth,” said Justin Niakamal, Manager of Regional Research at Beacon Economics.
1.3%
Annual Labor Force Growth
Texas’s unemployment rate held steady at 3.9%, where it has stood for ten consecutive months, while at the national level, unemployment ticked down 0.1 percentage points to 3.8%.
Texas’s labor force has also continued to expand, hitting record levels. In the latest numbers, the Lone Star state saw a month-over-month labor force increase of 0.1%, while at the national level the labor force grew by 0.3%. While the national expansion is impressive, the nation’s labor force remains lower than the all-time-high set in November 2023. Over the last twelve months Texas’s labor force has increased by 1.3%, almost double the nation’s 0.7% increase.
The Beacon Employment Report | Texas is a unique analysis of Texas’ employment numbers and trends. Each month, we link our own econometric predictions to data released by the U.S. Bureau of Labor Statistics and the Labor Market Information Division of the Texas Workforce Commission to identify important changes in employment across industries and regions. The Beacon Employment Report is also one of the few analyses that uses seasonally adjusted numbers, which are critical to revealing accurate trends and insights within data. The analysis is a sample of the kind of research available from Beacon Economics.
The contents of this report are based on information derived from carefully selected sources Beacon Economics believe are reasonable. We do not guarantee its accuracy or completeness and nothing presented here shall be construed to be a representation of such a guarantee.
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