LUBBOCK, Texas (PRESS RELEASE) — The following is a press release from the Federal Reserve Bank of Dallas:
Texas added 61,300 jobs in April, according to seasonally adjusted and benchmarked payroll employment numbers released [Friday] by the Federal Reserve Bank of Dallas.
Texas added a revised 29,400 jobs in March. The state has added 241,400 jobs year to date.
The Texas Employment Forecast estimates that jobs will increase by 3.7 percent in 2022, with an 80 percent confidence band of 2.9 to 4.5 percent. The forecast is based on projected national GDP, COVID-19 hospitalizations and oil futures prices.
The forecast strengthened from the 3.3 percent estimated with the release of the March data.
“Employment growth accelerated in April, with broad-based gains across goods-producing and service- providing industries,” said Christopher Slijk, Dallas Fed associate economist. “Energy employment led overall job growth, buoyed by higher oil prices in recent months, while sectors highly impacted by supply-chain disruptions, such as manufacturing and trade and transportation services, saw a more subdued expansion.”
Additional key takeaways from the latest Dallas Fed report:
- Based on the forecast, 476,600 jobs will be added in the state this year and employment in December 2022 will be 13.5 million.
- The Texas Leading Index declined in April after seven consecutive months of increase.
- Unemployment rates in April stayed the same in Dallas–Plano–Irving, Houston–The Woodlands–Sugar Land and McAllen–Edinburg–Mission but increased in all other major Texas metros, according to seasonally adjusted numbers from the Dallas Fed.
- The Texas unemployment rate declined from 4.4 percent in March to 4.3 percent in April.
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)