The following is a press release from the Federal Reserve Bank of Dallas:
DALLAS (PRESS RELEASE) — Texas added 80,300 jobs in July, according to seasonally adjusted and benchmarked payroll employment numbers released today [Friday] by the Federal Reserve Bank of Dallas.
Texas added a revised 87,700 jobs in June. The state has added 460,000 jobs year to date.
The Texas Employment Forecast estimates show that jobs will increase 5.2 percent in 2022, with an 80 percent confidence band of 4.5 to 5.8 percent. The forecast is based on projected national GDP, COVID-19 hospitalizations and oil futures prices.
This estimate is higher than last month’s projection of 4.5 percent.
“Texas employment continued to grow at a very strong rate, only moderating slightly from June’s pace and bringing year-to-date job growth to a very robust 6.1 percent,” said Christopher Slijk, Dallas Fed associate economist. “Expansion in July continued to be broad -based across industries and major metro areas, with Fort Worth and Austin leading growth in the state. However, we expect employment for the remainder of the year to decelerate to under 4 percent as forward-looking indicators for production and hiring point to a slowing in the state economy.”
Additional key takeaways from the latest Dallas Fed report:
- The forecast suggests that 674,200 jobs will be added in the state this year, and employment in December 2022 will be 13.7 million
- Texas employment grew an annualized 7.4 percent in July after increasing a revised 8.2 percent in June.
Among Texas’ major metro areas, unemployment rates in July increased in San Antonio-New Braunfels and Dallas-Plano-Irving, according to seasonally adjusted numbers from the Dallas Fed.
The unemployment rate decreased in McAllen-Edinburg-Mission and remained unchanged in Houston-The Woodlands-Sugar Land, Austin-Round Rock, El Paso, Fort Worth-Arlington, Brownsville-Harlingen, and Laredo.
The Texas unemployment rate declined from 4.1 percent in June to 4.0 percent in July.
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)