November 15, 2024
Beacon Employment Report | Texas
Presented by Beacon Economics
Copyright © Beacon Economics LLC
FOLLOWING ROBUST GROWTH, TEXAS LABOR MARKET TAKES A DOWNWARD TURN
STATE’S LABOR FORCE EXPANSION CONTINUES TO OUTPACE NATION
10,600
Jobs Lost
Hiring activity in Texas lost some of its recent momentum in the latest numbers. New figures from the Texas Workforce Commission (TWC) reveal that that the state’s employers lost 10,600 nonfarm payrolls during October (the latest available data). However, this follows two months of robust job gains.
“October wasn’t a bad month, just an odd one that was largely driven by one volatile sector, Administrative Support,” said Justin Niakamal, Manager of Regional Research at Beacon Economics. “There was also a diversion in the two surveys that, together, give us the monthly numbers; the payroll survey suggests a 10,600 job decline while the household employment numbers increased by nearly 39,000.”
0.3%
Labor Force Growth
Despite the weak month, nonfarm employment in Texas is 2.0% higher than it was one year ago; this compares to a 1.4% gain at the national level. Texas also continues to lead the nation in job creation, adding 274,600 new jobs through the first ten months of 2024, which amounts to 15% of all the jobs added in the nation.
4.1%
Unemployment Rate
October was a solid month for labor force growth. Texas saw a month-over-month increase of 0.3% in its labor force, an addition of more than 47,000 new entrants. This was the fifth consecutive month in which Texas’s labor force grew by more than 40,000. Over the last twelve months the state’s labor force has increased by 2.4%, compared to a tepid 0.5% at the national level.
Texas’s unemployment rate held steady in October, unchanged for the fourth consecutive month at 4.1%, which matches the national rate. The nation’s unemployment rate also remained unchanged from the prior 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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