Texas creates 89,500 jobs in September, job forecasts strengthen – NBC 5 Dallas-Fort Worth
Texas created 89,500 jobs in September, according to seasonally adjusted and benchmarked wage employment figures released by the Federal Reserve Bank of Dallas.
The state added 31,300 revised jobs in August for a total of 416,000 jobs added this year to date.
According to the Federal Reserve Bank of Dallas, using a top-down model based on national forecasts, COVID-19 hospitalizations and oil futures prices, the Texas Employment Forecast estimates that jobs will increase by 5.1% in 2021 , with a confidence band of 80%. from 4.6 to 5.6%.
This is an increase from the 4.6% estimated when the data was released for August.
“With COVID-19-related hospitalizations in Texas declining since early September, jobs in recreation, hospitality and retail have rebounded strongly,” said Keith Phillips, assistant vice president and senior economist at the Dallas Fed. “Jobs in the energy sector have also increased sharply as oil prices have remained well above breakeven points. While consumer demand remains strong, the strength of job growth is somewhat surprising given both the tight labor market and the supply chain challenges facing businesses. chain issues likely held back growth in September, as 64.5% of contacts in our business surveys reported supply chain disruptions, up from 61% in June. “
Other key lessons from the Dallas Fed’s latest report are that, based on the forecast, 626,600 jobs will be added in the state this year, and employment in December 2021 will be 13 million.
The Dallas Fed said the Texas Leading Index rose sharply for the second month in a row and unemployment rates in September fell in Fort Worth-Arlington, Houston and McAllen-Edinburg-Mission. They stayed the same at Austin-Round Rock, Dallas-Plano-Irving, El Paso and San Antonio-New Braunfels, and they increased at Brownsville-Harlingen and Laredo.
The unemployment rate in Texas fell from 5.9% in August to 5.6% in September.
Additional information on Texas employment forecasts, seasonally adjusted and comparative Texas jobs data, and subway unemployment rates are available at DallasFed.org.