Gov. Abbott's Texas led the nation in annual job growth and broke the all-time record for job gains. Over 14 million Texans now employed in non-farm jobs.
Slatestone Wealth Chief Market Strategist Kenny Polcari discusses the release of the October job report and how it confirms the Federal Reserve's plan to address inflation on 'Varney & Co.'and experienced the nation's fastest job growth over the past year through October, officials said last week.
"Texas continues to create jobs and set historic employment records each month thanks to our strong, growing workforce and continuing business confidence in Texas," Texas Gov. Greg Abbott said. "With 49,500 jobs added last month and another new record for total jobs, the Lone Star State shines as a beacon of opportunity. Despite national economic headwinds, Texas grew jobs at the fastest rate in the nation over the past 12 months.
The state also saw a 5.4% job growth rate from October 2021, through last month. In addition, Texas’ labor force participation rate, the percentage of all working age Texans employed or actively seeking employment, was also above the national average of 63.6%.
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