Texas created 89,500 jobs in September, according to seasonally adjusted and valued employment figures from the Federal Reserve Bank of Dallas.
The state added a revised 31,300 jobs in August, bringing the total to 416,000 jobs this year.
According to the Federal Reserve Bank of Dallas, using a top-down model based on national projections, COVID-19 hospital admissions, and oil futures prices, the Texas Employment Forecast estimates jobs will increase 5.1% in 2021 will increase, with a confidence band of 80% from 4.6 to 5.6%.
This is an increase from the 4.6% estimated when the August data was released.
“As hospital admissions for COVID-19 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 for businesses. Chain issues likely dampened growth in September, with 64.5% of contacts in our corporate surveys reporting supply chain disruptions, up from 61% in June. “
Other key takeaways from the Dallas Fed’s latest report are that the state is projected to create 626,600 jobs this year and employment to be 13 million in December 2021.
The Dallas Fed said the Texas Leading Index had risen sharply for the second straight month and 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 gained weight in Brownsville-Harlingen and Laredo.
The Texas unemployment rate fell from 5.9% in August to 5.6% 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.
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