Beacon Economics

May 17, 2024

Beacon Employment Report | Texas

Presented by Beacon Economics

Copyright © Beacon Economics LLC

TEXAS EMPLOYMENT PICKS UP STEAM IN LATEST NUMBERS

UNEMPLOYMENT RATE TICKS UP AS LABOR FORCE EXPANDS TO RECORD LEVELS
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42,600

Jobs Added

Hiring activity in Texas picked up considerable momentum in the latest numbers. New figures released from the Texas Workforce Commission (TWC) reveal that the state’s employers added 42,600 nonfarm payrolls in April, a 0.3% increase over the previous month. This was also the second-largest increase in the last twelve months.

2.2%

Annual Employment Growth

Nonfarm employment in the state has increased by 2.2% year-over-year, compared to 1.8% at the national level. Additionally, Texas continues to add more jobs than any other state by a considerable margin, adding 306,000 new jobs since April of last year, followed by Florida (240,500), and California (206,500).

“All but one sector, Mining and Logging, saw job losses over the month, and none of the state’s metropolitan areas experienced a decline in payrolls,” said Justin Niakamal, Manager of Regional Research at Beacon Economics. “This speaks to the ongoing strength of the Texas labor market.”

4.0%

Unemployment Rate

After ten consecutive months at 3.9%, Texas’s unemployment rate ticked up 0.1 percentage points to 4%, matching the national trend where the unemployment rate increased 0.1 percentage points to 3.9%. At the same time, the Texas labor force continued to expand to record levels.

The state’s labor force grew by 0.3% month-over-month, an increase of 36,959, which represents the second-largest expansion in the past year. At the national level, the labor force grew by 0.1%, a positive sign, however the nation’s labor force 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 0.8% nationally.

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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