Texas added more than 58,000 positions in February 2023, leading the nation in jobs added last month.
While the seasonally adjusted unemployment rate increased by 0.1 percentage points to 4%, the labor force added 64,800 people — the largest monthly increase since September 2020.Texas added more than 58,000 positions in February, leading the nation in jobs added last month. It marks two years of uninterruptedunemployment rate ticked up
Warnings of a slowdown in job growth have echoed for months, Dallas Federal Reserve economist Pia Orrenius said, but the Texas labor market continues to outperform expectations even with rising interest rates. A concern of the Fed is that without any slowing, it’s not clear how inflation will be addressed, Orrenius said.The Midland area recorded the lowest unemployment rate among Texas metros, with a not seasonally adjusted rate of 3% in February, followed by Amarillo at 3.5% and Austin at 3.7%.
Workers from Can-Fer, contracted by Atmos Energy, work to replace old cast iron gas lines with new polyethylene pipe on Wycliff Avenue, just east of the Dallas North Tollway. The energy sector’s decrease is of concern to Orrenius, as oil and gas are a vital component of the state’s economic strength and one of the larger reasons that Texas’ economy outpaces the nation’s growth.
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