July 19, 2024
Beacon Employment Report | Texas
Presented by Beacon Economics
Copyright © Beacon Economics LLC
TEXAS'S POWERHOUSE JOB GROWTH STUMBLES IN LATEST NUMBERS
LABOR FORCE CONTINUES RECORD EXPANSION; UNEMPLOYMENT RATE HOLDS STEADY
1,200
Jobs Lost
The record breaking employment growth Texas has enjoyed over the past year took a stumble as ten of the state’s major industries shed jobs in June, the latest data available. New figures from the Texas Workforce Commission (TWC) reveal that the state’s employers collectively lost 1,200 nonfarm payrolls during the month of June. Additionally, the numbers from May were revised down making June’s decline effectively unchanged from the prior month.
1.9%
Annual Employment Growth
Still, on an annual basis, nonfarm employment in Texas increased by 1.9% year-over-year, compared to 1.7% at the national level. And although payrolls were flat, all industries in the state except Mining and Logging have more jobs today compared to June 2023.
“For a state the size of Texas, a loss of 1,200 jobs is still within the margin of error,” said Justin Niakamal, Manager of Regional Research at Beacon Economics. “And although it was a weak month for employment, for labor force growth, it was the best month in over a year.”
4.0%
Unemployment Rate
Indeed, Texas’s labor force has continued to expand to record levels. In the latest numbers, the state saw a month-over-month increase of 0.3% in its labor force, a jump of more than 49,000, the largest expansion since February 2023. At the national level, the labor force increased 0.2% month-over-month but remains lower compared to the all-time-high set in November 2023. Over the past twelve months Texas’s labor force has increased by 1.5%, compared to 0.6% nationally. Texas’s unemployment rate held steady at 4% in June, 0.1 percentage points below the national rate.
Texas’s unemployment rate remained unchanged from the prior month, whereas nationally, the unemployment rate ticked up 0.1 percentage points.
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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