Texas Unemployment Rate

Can Texas Unemployment Rate Continue to Remain Low in 2019?

Economy Texas

As 2018 ended, another positive employment growth month was added in the Texas economy. 38,000 nonfarm positions were added in December. Texas unemployment rate has remained low since October 2018. In December, the annual employment growth was recorded 3.2 percent. In the last year, 391,800 jobs were added in Texas that made the Total Nonfarm employment reach 12,744,100.

“Texas is the place to be for job growth and economic development as Texas employers in our state continue to create job opportunities for the highly skilled Texas workforce. Since last December, Texas employers added 391,800 jobs, and for the third consecutive month, unemployment in Texas is at record lows,” said Texas Workforce Commission Chair Ruth R. Hughs.

“With mining and logging jobs, which includes oil and gas employment, up 18 percent from the prior year, our employers and our workers are providing the energy that fuels the U.S. economy.”

As per the news release by the Texas Workforce Commission, “Private sector annual employment growth was 3.7 percent in December and has held above 3.0 percent since April 2018. Ten out of 11 major industries expanded over the month as well as over the year.”

“Mining and Logging registered a series-high annual growth rate of 18.0 percent. Annually, this industry also led all other major industries in Texas since May 2017. Construction added 4,500 jobs over the month. It grew at 6.4 percent over the year, second fastest among major industries in Texas. Its annual growth has stayed positive since September 2011.”

“With businesses hiring at a record clip, there’s never been a better time to plan a great Texas career,” said TWC Commissioner Representing Labor Julian Alvarez. “A great way to start a career in growing, well-paying fields in industries like construction or mining and logging is through Registered Apprenticeships, where employees can earn while they learn. Visit www.apprenticeships.gov or your local Texas Workforce Solutions office to learn more about these great opportunities.”

However, Texas unemployment rate is likely to increase in 2019 due to falling oil prices, tariffs and trade uncertainties, as per the economists. Texas would need to add 113,671 to 239,972 jobs in 2019 that would reflect a growth of 0.9-1.9 percent, according to the Federal Reserve Bank of Dallas assistant vice president Keith Phillips.

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