Texas employment has taken a hit as the Federal Reserve Bank of Dallas revised its job growth forecast for the remainder of 2024.
The new projection indicates a 2.1% increase in jobs, down from the previous estimate of 2.5%. This forecast, which predicts 288,000 new jobs by December, reflects a broader slowdown in the state’s economy, NBC 5 reported.
October saw a contraction in Texas job numbers, with 6,600 positions lost, mainly in the private sector. Professional and business services experienced the most significant losses, although sectors like information and financial services saw growth. Government and goods-producing industries also added jobs.
The unemployment rate in Texas remained steady at 4.1%, but major metro areas like Houston and Dallas experienced an uptick in local unemployment. This rise in joblessness comes despite a relatively stable statewide unemployment rate, which remained unchanged from the previous month.
The Dallas Fed’s revised forecast draws on several factors, including national GDP predictions, oil price trends, and leading economic indexes for both Texas and the U.S. Despite the slower job growth, the forecast still anticipates a strong labor force of 14.3 million people by year-end.
In the face of these changes, Texas’s economy is showing mixed signals. While some industries continue to expand, others are facing challenges that could affect job growth in the coming months. The slowdown in job creation follows a 3.7% increase in employment in September.
For more information on Texas job data, visit DallasFed.org for seasonally adjusted figures and regional unemployment rates.