Dallas Fed: Texas added 39,900 jobs in October 2021

State & Regional

(Photo provided by the Federal Reserve Bank of Dallas)

LUBBOCK, Texas (PRESS RELEASE) — The following is a press release from the Federal Reserve Bank of Dallas:

Texas added 39,900 jobs in October, according to seasonally adjusted and benchmarked payroll employment numbers released [Friday] by the Federal Reserve Bank of Dallas.

The state added a revised 83,900 jobs in September; it has added 506,300 jobs year to date.

Using a top-down model based on national forecasts, COVID-19 hospitalizations and oil futures prices, the Texas Employment Forecast estimates that jobs will increase by 5.1 percent in 2021, with an 80 percent confidence band of 4.4 to 5.8 percent.

The forecast was unchanged from September.

“Even as COVID-19 hospitalizations in Texas declined in October, increased labor market tightness likely restrained job growth,” said Christopher Slijk, Dallas Fed associate economist. “Despite some slowing, job growth remained strong, with professional and business services leading growth and energy sector employment robust on elevated energy prices. Nevertheless, persistent labor market tightness continues to constrain growth, particularly in services industries such as leisure and hospitality.”  

Additional key takeaways from the latest Dallas Fed report:

  • Based on the forecast, 626,700 jobs will be added in the state this year, and employment in December 2021 will be 13.0 million.
  • The Texas Leading Index grew strongly in October, with a majority of the indicators giving positive contributions.
  • Unemployment rates in October increased in El Paso, Houston, Laredo and McAllen-Edinburg-Mission and stayed the same in the remaining five major Texas metros, according to seasonally adjusted numbers from the Dallas Fed.
  • The Texas unemployment rate declined from 5.6 percent in September to 5.4 percent in October.

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.

(Press release from the Federal Reserve Bank of Dallas)

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