DALLAS — The Federal Reserve Bank of Dallas Friday gave its latest look into the regional economy.
The Dallas Fed reported Texas added 35,200 jobs in November, according to seasonally adjusted and benchmarked payroll employment numbers.
Texas added an upwardly revised 29,000 jobs in October. The Texas unemployment rate was 4.1 percent in November, officials say.
“The Texas labor market remains resilient even as employment growth slows from the high rates recorded after the pandemic,” said Luis Torres, Dallas Fed senior business economist. “November’s uptick in employment was led by professional and business services and construction. Job gains were also seen in information, education and health, leisure and hospitality, trade, transportation and utilities, and other services. Meanwhile, manufacturing, financial services, and oil and gas reported job losses.”
The Texas Employment Forecast released Friday by the Federal Reserve Bank of Dallas indicates that jobs are expected to increase 3.2 percent in 2023, with an 80 percent confidence band of 3.1 to 3.3 percent.
This is unchanged from the previous month’s forecast. The forecast is based on an average of four models that include projected national GDP, oil futures prices, and the Texas and U.S. leading indexes.
Additional key takeaways from the latest Dallas Fed report:
- The forecast suggests that 436,000 jobs are expected to be added in the state this year, and employment in December 2023 is expected to be 14.1 million.
- Texas employment grew an annualized 3.1 percent month over month in November, while October growth was revised up significantly to 2.5 percent.
The forecast suggests that 436,000 jobs are expected to be added in the state this year, and employment in December 2023 is expected to be 14.1 million.
Texas employment grew an annualized 3.1 percent month over month in November, while October growth was revised up significantly to 2.5 percent.
The unemployment rate decreased in each of Texas’ major metro areas, including Dallas–Plano–Irving, San Antonio–New Braunfels, Houston–The Woodlands–Sugar Land, Austin–Round Rock, El Paso, Fort Worth–Arlington, Laredo, Brownsville–Harlingen and McAllen–Edinburg–Mission, according to seasonally adjusted numbers from the Dallas Fed.
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.
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