Texas employers added 29,500 jobs in December, and the state’s jobless rate fell below 4% for the first time since the start of the pandemic.
, senior economist at the Federal Reserve Bank of Dallas, said she expects the slowing trend to continue this year.She pointed to how oil and gas industry hiring remains strong, while the weakest sectors are “interest-rate sensitive” like construction. She also said declines in the growth rate of high-tech jobs are consistent with the broader economy.
Employers are “still complaining about labor, market tightness and difficulty hiring,” she said. “It’s potentially good news for workers.” “More people are actually here and they’re working,” Denton said. “We see the unemployment rate getting lower and lower. I think it’s great news in some cases. On the other hand, it’s also an indicator of how difficult it is to find people to fill all the jobs that are out there.”In 2022, Texas’ economy added jobs at a rate that was 66% percent quicker than the nation, Beacon Economics research managerwrote in an investor note. He said there are now 5.
Industries like education and health services led job growth last month with 12,700 positions added, followed by financial activities, which grew by 6,300 jobs. Manufacturing employment added 5,500 jobs in December.
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