The following is a press release from the Federal Reserve Bank of Dallas:

DALLAS (PRESS RELEASE) — Texas jobs held steady in August, according to seasonally adjusted and benchmarked payroll employment numbers released [Friday] by the Federal Reserve Bank of Dallas.  

Texas added a revised 81,700 jobs in July, an annualized growth rate of 7.6%. The state has added 420,000 jobs year to date. 

The Texas Employment Forecast estimates show that jobs will increase 4.2 percent in 2022, with an 80 percent confidence band of 3.7 to 4.8 percent. The forecast is based on projected national GDP, COVID-19 hospitalizations and oil futures prices.

This estimate is lower than last month’s projection of 5.2 percent.

“Texas employment growth slowed sharply, but despite August’s weak reading, year-to-date job growth remains a strong 4.9 percent,” said Christopher Slijk, Dallas Fed associate economist. “Weakness in August was led by a decline in employment in trade, transportation and utilities, along with declines in construction and professional and business services. Growth for the remainder of the year is expected to be around 3.0 percent, a significant deceleration relative to the first half of the year but still above the state’s historical trend.” 

Additional key takeaways from the latest Dallas Fed report: 

  • The forecast suggests that 553,500 jobs will be added in the state this year, and employment in December 2022 will be 13.6 million.
  • Texas employment growth flattened to zero in August after a revised reading of 7.6 percent in July. 

Among Texas’ major metro areas, unemployment rates in August increased in McAllen—Edinburg—Mission, according to seasonally adjusted numbers from the Dallas Fed. 

The unemployment rate decreased in Austin—Round Rock, El Paso and Brownsville—Harlingen.

The jobless rate remained unchanged in Dallas—Plano—Irving, Houston—The Woodlands—Sugar Land, San Antonio—New Braunfels, Fort Worth—Arlington and Laredo.

The Texas unemployment rate increased from 4.0 percent in July to 4.1 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)