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Texas Employment Rates on The Rise

Sign text closeup for help wanted with red and white colors by entrance to store shop business building during corona virus covid 19 pandemic
Help Wanted sign in window. | Image from ablokhin

As Texas employment rates increase, it promises robust job growth over the next three to six months despite many workers quitting their jobs earlier this year.

According to the Federal Reserve Bank of Dallas, employment has grown at an annual rate of 7.4% in November. In October, the growth rate was at 4.5%.

Between oil price futures, predictions of national gross domestic product, and Texas COVID-19 hospitalizations, job opportunities will increase approximately by 5.3% in 2021. The forecast also expects 649,200 jobs to be created this year.

On February 3, 2022, more data will be released at the annual Texas Economic Outlook event. It is foreseen that job growth will slow but rise above the trend rate of growth.

The Dallas Federal assistance vice president and senior economist, Keith Phillips, said in a statement, “Despite increased labor market tightness and worsening supply-chain disruptions, job growth continues at a strong pace. Demand remains strong, likely boosted by the decline in COVID-19 cases over the past several months and healthy household finances.

Texas Business Outlook Surveys contacts report frustration that hiring constraints and supply-chain shortages have increased their costs and limited their ability to fully respond to strong consumer demand.”

Texas unemployment rates continue to decline from 5.4% to 5.2% in November. Due to more people migrating to Texas, the labor force has grown at a much faster stride than nationally. Texas had a 3.6% while the nation was only at 1.3%.

The Texas Leading Index gives credit to help-wanted advertising, average weekly hours worked in manufacturing, and permits to drill oil and gas wells as to why the index is affected positively.

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