June 21, 2024
Beacon Employment Report | Texas
Presented by Beacon Economics
Copyright © Beacon Economics LLC
TEXAS LABOR FORCE CONTINUES RECORD BREAKING EXPANSION
HIRING INCHES UP, UNEMPLOYMENT RATE HOLDS STEADY
41,800
Jobs Added
Hiring activity across Texas stayed the course in the latest numbers and the state’s labor force experienced another record breaking jump. New figures released from the Texas Workforce Commission (TWC) reveal that the state’s employers added 41,800 nonfarm payrolls in May, a 0.3% increase over the previous month. Nonfarm employment in the state has increased by 2.3% year-over-year, compared to 1.8% at the national level.
2.3%
Annual Employment Growth
Texas’s labor force also continued to expand to record levels. The Lone Star State saw a month-over-month labor force increase of 0.2%, an addition of nearly 36,000, which was the second largest increase in the past year. At the national level the labor force contracted 0.1% month-over-month and remains lower compared to the all-time-high set in November 2023. Over the past twelve months Texas’s labor force has increased by 1.3%, compared to 0.5% nationally.
4.0%
Unemployment Rate
“In the last year, more than one-fifth of the labor force growth in the United States has occurred in Texas alone,” said Justin Niakamal, Manager of Regional Research at Beacon Economics. “The state’s labor market is a clear source of strength for the nation’s economy.” �
Texas’s unemployment rate remained unchanged from April at 4%, which matches the national rate. However, the U.S. unemployment rate ticked up 0.1 percentage points from last month.
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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