LUBBOCK, Texas (PRESS RELEASE) — The following is a press release from the Federal Reserve Bank of Dallas:
Texas added 77,100 jobs in November, according to seasonally adjusted and benchmarked payroll employment numbers released [Friday] by the Federal Reserve Bank of Dallas.
The state added a revised 46,700 jobs in October. The state has added 590,100 jobs year to date.
Using a top-down model based on oil price futures and forecasts for national gross domestic product and Texas COVID-19 hospitalizations, the Texas Employment Forecast estimates that jobs will increase by 5.3 percent in 2021, with an 80 percent confidence band of 4.9 to 5.7 percent.
The forecast increased from the 5.1 percent estimated with the release of the October data.
“Despite increased labor market tightness and worsening supply-chain disruptions, job growth continues at a strong pace,” said Keith Phillips, Dallas Fed assistant vice president and senior economist. “Demand remains strong, likely boosted by the decline in COVID-19 cases over the past several months and healthy household finances. Texas Business Outlook Surveys contacts report frustration that hiring constraints and supply-chain shortages have increased their costs and limited their ability to fully respond to strong consumer demand.”
Additional key takeaways from the latest Dallas Fed report:
- Based on the forecast, 649,200 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 November, with a majority of the eight indicators giving positive contributions.
- Unemployment rates declined in all nine major Texas metro areas in November, according to seasonally adjusted numbers from the Dallas Fed.
- The Texas unemployment rate declined from 5.4 percent in October to 5.2 percent in November.
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)