Texas’s unemployment rate increased to 4.1% in August and hiring slowed to the slowest rate since early 2021 as the construction and hospitality sectors shed...
“The frenetic pace of job growth in Texas this year combined with today’s macro headwinds and the fact that the state is close to full employment, means we should expect job gains moderate throughout the rest of the year,” said Taner Osman, research manager at Beacon Economics, in a statement. “Also, the coming holiday season should provide tailwinds after a few months of weaker job growth.”
Texas still led the nation in job growth over the last year with 726,900 new positions, a 5.7% increase, according to the U.S. Bureau of Labor Statistics. California was second with 677,100, a 4% increase.for the state were negative, including oil well permits, oil prices, average hours worked and unemployment claims last month., the Texas Independent Producers and Royalty Owners Association noted that the energy sector is still growing and there are nearly 12,000 job openings in the state.
The construction industry dropped 500 jobs in August as Federal Reserve attempts to fight inflation have. Several leading mortgage firms have cut jobs due to rising interest rates and a pause from consumers interested in buying. With the housing market growing so fast in the last few years, Adams said he is watching to see when interest rates start to push prices back down and if homebuilders will need to find other uses for land speculatively slated for new construction.The labor force participation rate is back up to pre-pandemic levels and hit an all-time high of 14.59 million people. That should help the tight labor market that has driven up inflationary pressures and caused shortages across the economy.
. Kyle Arnold is the aviation writer for The Dallas Morning News, covering airlines, air travel and the aerospace industry. He previously worked as a business journalist for the Orlando Sentinel, Tulsa World and The Monitor in McAllen. He is a University of Washington graduate.
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