LUBBOCK, Texas (PRESS RELEASE) — The following is a press release from the Federal Reserve Bank of Dallas:
Texas added 45,600 jobs in August, according to seasonally adjusted and benchmarked payroll employment numbers released today [Friday] by the Federal Reserve Bank of Dallas.
The state added a revised 90,400 jobs in July. The state has added 340,900 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 job growth will increase by 4.6 percent in 2021, with an 80 percent confidence band of 4.0 to 5.3 percent.
The forecast strengthened from the 4.3 percent estimated with the release of the July data.
“The surge in COVID-19 cases and hospitalizations in August dampened job growth, particularly in high-contact industries such as leisure and hospitality services,” said Keith Phillips, Dallas Fed assistant vice president and senior economist. “Business contacts in most industries reported that the recent COVID-19 surge has had a less-negative impact on demand than past surges but that many were experiencing employees being out sick or in quarantine. Tight labor markets and continued supply-chain issues were constraining output across a wide range of industries.”
Additional key takeaways from the latest Dallas Fed report:
- Based on the forecast, 571,800 jobs will be added in the state this year, and employment in December 2021 will be 12.9 million.
- The Texas Leading Index increased strongly after dipping in July—overall, continuing an upward trend that began in May 2020.
- Unemployment rates declined in all nine major Texas metro areas in August, according to seasonally adjusted numbers from the Dallas Fed.
- The Texas unemployment rate declined from 6.2 percent in July to 5.9 percent in August.
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)