Dallas Fed: Texas added 13,400 jobs in April; 2021 employment forecast holds at 6.6 percent

State & Regional

(Photo provided by the Federal Reserve Bank of Dallas)

DALLAS (NEWS RELESAE) — The following is news release from the Federal Reserve Bank of Dallas:

Texas added 13,400 jobs in April, according to seasonally adjusted and benchmarked payroll employment numbers released today (Friday) by the Federal Reserve Bank of Dallas.

Using a top-down model based on national forecasts, COVID-19 hospitalizations and oil futures prices, the Texas Employment Forecast estimates job growth will increase by 6.6 percent in 2021—unchanged from last month’s estimate—with an 80 percent confidence band of 5.6 to 7.6 percent.

Based on the forecast, 816,000 jobs will be added in the state this year, and employment in December 2021 will be 13.2 million.

“Jobs growth moderated in April after March’s very strong pace,” said Christopher Slijk, Dallas Fed associate economist. “While mobility has plateaued after rebounding strongly from Winter Storm Uri, COVID-19 cases and hospitalizations continue to trend down. Job gains were mixed across industries this month, with jobs in goods-producing industries pulling back from recent highs, while leisure and hospitality and professional services led overall growth in the service sector.”

Additional key takeaways from the latest Dallas Fed report:

  • Texas added a revised 119,900 jobs in March and has added 168,600 jobs year-to-date.
  • The Texas Leading Index increased at its fastest one-month pace since the 1980s, suggesting an acceleration in growth over the second half of the year.
  • Unemployment rates fell in all nine major Texas metro areas in April, according to seasonally adjusted numbers from the Dallas Fed.

Additional information about the Texas Employment Forecast, plus seasonally adjusted and benchmarked Texas jobs data and metro unemployment rates may be found on DallasFed.org.

(News release from the Federal Reserve Bank of Dallas)

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