Dallas Fed: Texas added 45,600 jobs in August, Texas Employment Forecast strengthens | KLBK | KAMC

By Editor On Sep 18, 2021

(Photo courtesy of the Federal Reserve Bank of Dallas)

LUBBOCK, Texas (PRESS RELEASE) – The following is a press release from the Federal Reserve Bank of Dallas:

Texas created 45,600 new jobs in August, according to seasonally adjusted and benchmark employment figures released today [Friday] from the Federal Reserve Bank of Dallas.

The state added revised 90,400 jobs in July. So far, the state has created 340,900 jobs in the year.

Using a top-down model based on national projections, COVID-19 hospital admissions, and oil futures prices, the Texas Employment Forecast estimates that employment growth will increase 4.6 percent in 2021, with an 80-percent -Confidence band of 4.0 to 5.3 percent.

The forecast was bolstered from the estimated 4.3 percent with the release of the July data.

“The surge in COVID-19 cases and hospitalizations in August dampened employment growth, particularly in high-traffic industries such as leisure and hospitality services,” said Keith Phillips, vice president and chief economist, Dallas Fed. “Business contacts in most industries reported that the recent increase in COVID-19 was less of a negative impact on demand than previous increases, but that many employees were sick or in quarantine. Tense labor markets and persistent supply chain problems limited production in a variety of industries. ”

Other key takeaways from the Dallas Fed’s latest report:

It is forecast that 571,800 jobs will be created in the country this year and 12.9 million in December 2021.
The Texas Leading Index rose sharply after falling in July – overall, it continued an upward trend that began in May 2020.
According to seasonally adjusted figures from the Dallas Fed, unemployment rates fell in all nine major metropolitan areas of Texas in August.
The unemployment rate in Texas fell from 6.2 percent in July to 5.9 percent in August.

For more information about the Texas Employment Forecast, seasonally adjusted and benchmarking data on Texas jobs and major city unemployment rates, visit DallasFed.org.

(Federal Reserve Bank of Dallas press release)

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