July 22, 2022
Beacon Employment Report | Texas
Presented by Beacon Economics
Copyright © Beacon Economics LLC
IMPRESSIVE JOB GROWTH IN TEXAS FLYS IN THE FACE OF NEGATIVE PRONOUNCEMENTS ABOUT THE ECONOMY
STATE’S UNEMPLOYMENT RATE INCHES DOWN
Texas employers continued to add jobs at a strong pace in June, with no signs of a slowdown. The latest figures from the Texas Workforce Commission (TWC) reveal that the state’s employers added 82,500 workers during June, the largest month-over-month increase since October of last year. Hiring was quicker in the first half of 2022 (+2.5%), than it was in the first half of 2021 (+2.1%).
“The pace of job growth in Texas in 2022 has been truly impressive,” said Taner Osman, Research Manager at Beacon Economics. “So far this year, the state has added jobs at a 50% higher rate than the overall nation.” Osman notes that the strong gains fly in the face of recent negative headlines about the economy.
Texas’s unemployment rate also fell to 4.1% during the month, a 0.1 percentage-point decline from the previous month. However, the state’s unemployment rate remains elevated relative to the 3.6% rate in the United States overall.
Labor Force Increase
In June, the labor force in Texas increased by 0.3%. By comparison, the labor force at the national level declined by 0.2% month during month in June.
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.