The following is a press release from the Federal Reserve Bank of Dallas:
Texas added a revised 60,100 jobs in May. The state has added 370,500 jobs year to date.
The Texas Employment Forecast estimates show that jobs will increase 4.5 percent in 2022, with an 80 percent confidence band of 3.8 to 5.2 percent. The forecast is based on projected national GDP, COVID-19 hospitalizations and oil futures prices.
This estimate is higher than the previous projection of 4.0 percent.
“Texas employment accelerated in June, bringing job growth in the second quarter to a very robust 6.0 percent,” said Christopher Slijk, Dallas Fed associate economist. “Expansion in June was broad- based, with only construction seeing a decline across private- sector industries. Nevertheless, growth is expected to slow in the second half of the year to 3.4 percent as headwinds from a weaker U.S. outlook, along with ongoing supply- chain and labor market challenges, put downward pressure on economic growth in Texas.”
Additional key takeaways from the latest Dallas Fed report:
- The forecast suggests that 593,800 jobs will be added in the state this year, and employment in December 2022 will be 13.7 million.
- Texas employment grew an annualized 7.3 percent in June after increasing a revised 5.6 percent in May.
Among Texas’ major metro areas, unemployment rates in June decreased in Houston-–The Woodlands-–Sugar Land, San Antonio-–New Braunfels, El Paso, Brownsville-–Harlingen, Laredo and McAllen-–Edinburg-–Mission, according to seasonally adjusted numbers from the Dallas Fed.
The unemployment rate remained unchanged in Dallas-–Plano-–Irving, Fort Worth-–Arlington and Austin-–Round Rock.
The Texas unemployment rate declined from 4.2 percent in May to 4.1 percent in June.
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)