U.S. employers added 275,000 jobs in February, beating January’s gain of 229,000 jobs — a sign that the economy is rebounding from years of inflation, the Associated Press reported.
For its part, the Texas labor market posted record-breaking growth in January, according to the Texas Workforce Commission (TWC). The state’s seasonally adjusted count increased by 18,900 to reach 14,053,400 jobs, logging growth in 43 of the last 45 months.
“Texas works when Texans work, and more Texans are working today than ever before in the history of our great state,” Gov. Greg Abbott said in a news release. “Thanks to the Best Business Climate in the nation and the best workforce in America, we are seeing record-setting business expansion and job growth in Texas. With an unrelenting focus on expanding economic opportunity for all Texans through significant and historic investments in education, infrastructure, and workforce development, we continue to build a bigger, better Texas for generations to come.”
The seasonally adjusted civilian labor force increased by 12,800 to reach 15,143,400 in January. The seasonally adjusted unemployment rate was 3.9% for the eighth month straight, falling from the January 2023 rate of 4.1%. Data also shows the state’s non-farm employment increased by 263,900 jobs between January 2023 and January 2024, logging a 1.9% growth rate.
“Texas continues to lead the nation in job growth and economic stability,” TWC Chair Bryan Daniel said in a press release. “As we make our way into 2024, the Texas labor force continues to upskill and become the workforce of tomorrow.”
In January, five of 11 major industries in Texas achieved series highs. The most significant private sector growth was in “other services,” with 5,000 jobs added, while 4,400 jobs were added in professional and business services. Another 4,000 jobs were added in private education and health services over the month. Also, annual growth in the construction industry outpaced the nation by 0.3 percentage points in the same month.
Nationally, the job growth in February increased from 229,000 jobs the previous month, AP reported. The 3.9 unemployment rate — the highest in two years — is low by historic standards. It marked the 25th consecutive month the jobless rate remained under 4%.
