(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 89,500 new jobs in September, according to seasonally adjusted and assessed employment data released today [Friday] from the Federal Reserve Bank of Dallas.
The state added a revised 31,300 jobs in August. The state has so far created 416,000 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 jobs will increase 5.1 percent in 2021, with an 80 percent increase Confidence band of 4.6 to 5.6 percent.
The forecast was bolstered from the estimated 4.6 percent with the release of the August data.
“As COVID-19 hospital stays in Texas have declined since early September, recreational, hospitality and retail jobs have rallied,” said Keith Phillips, vice president and chief economist, Dallas Fed. “Jobs in the energy sector also grew strongly as oil prices remained well above the break-even level. While consumer demand remains strong, the strength of employment growth is somewhat surprising given the tight labor market and supply chain challenges businesses are facing. Supply chain issues likely dampened growth in September, as 64.5 percent of contacts in our corporate surveys reported supply chain disruptions, up from 61.0 percent in June. ”
Other key takeaways from the Dallas Fed’s latest report:
- It is forecast that 626,600 jobs will be created in the country this year, and 13.0 million in December 2021.
- The Texas Leading Index rose sharply for the second month in a row.
- Unemployment rates fell in Fort Worth-Arlington, Houston and McAllen-Edinburgh-Mission in September; they stayed the same in Austin-Round Rock, Dallas-Plano-Irving, El Paso and San Antonio-New Braunfels and rose in Brownsville-Harlingen and Laredo, according to seasonally adjusted figures from the Dallas Fed.
- The unemployment rate in Texas fell from 5.9 percent in August to 5.6 percent in September.
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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