Texas added 43,900 jobs in June and the state’s unemployment rate fell slightly from 6.6% in May to 6.5% in June, according to the Federal Reserve Bank of Dallas, which released its estimated number in June Friday.
The Dallas Fort Worth unemployment rate in the area also fell slightly from 5.6% in May to 5.4% in June. According to estimates by the Texas Workforce Commission, Texas employers added 55,800 jobs in June.
Texas Gov. Greg Abbott (R) issued a statement after the release of the June numbers on Friday praised what he called the Texas booming economy.
Abbott said: “The June employment report shows that our young, growing, and skilled workforce has forged a diversified and flexible economy, with Texas employers adding more than 1.1 million jobs since the end of April 2020, impacting pandemic peaks on their work. ” in a statement.
After the May work issue was released, Dallas Federal Reserve Bank said its unemployment forecast weakened to an estimated 6.6% job growth in 2021 to 4.1%, citing an increase in COVID-19 hospital admissions and slow in COVID-19 vaccine.
But June numbers have shown a stronger outlook for the future, pushing bank job forecasts in Texas up to 5.6% job growth in 2021.
“” Healthy job growth in May and June with a stronger outlook for U.S. GDP growth in the second half of the year pushed up the forecast, “Keith Phillips, Dallas Fed assistant vice president and former economist, said in a press release “Bottle and work constraints are likely to ease in the second half of the year. The forecast would be even stronger except for an increase in projected Texas COVID-19 hospitalizations in the third quarter, which could suppress growth somewhat.”
The updated forecast predicts 695,600 jobs will be added to Texas this year, leading to a total workforce of 13.0 million in December.
With the addition of the June numbers, Texas added 267,400 jobs in June.
Additional information on the June employment numbers as well as the Federal Reserve Bank’s employment forecast can be found here.