Unemployment at historic high, but jobless rate is up

By Editor | October 10, 2023

CAPITAL HIGHLIGHTS

For the 30th consecutive month Texas showed job growth, reaching just under 14 million jobs and outpacing the nation in its annual rate of employment growth, according to the Texas Workforce Commission.
“Our world-class Texas workforce has grown by more than 400,000 jobs over the last year, thanks largely to the energizing job creation by our private-sector employers,” said TWC commissioner Aaron Demerson. “This continued growth highlights TWC’s unwavering commitment to fostering collaboration and building partnerships with Texas employers across the state.”
At the same time, the state’s unemployment rate is tied for fifth-worst in the country at 4.1%, which is below the national average of 3.8%, the Texas Tribune reported. The jobless rate still has not returned to pre-pandemic levels, according to data from the Federal Reserve Bank of Dallas.
The higher jobless rate reflects a growing labor force due to increased population growth and fewer workers leaving the state, according to economic experts.
“Very tight labor markets, like what we’ve seen at the national level, are actually detrimental to matching workers to jobs because it’s so hard for employers to hire,” said Pia Orrenius, with the Dallas Federal Reserve office.
Hegar: Texas economy chugging along
Comptroller Glenn Hegar says lawmakers are likely to have billions of dollars more than anticipated to spend as they go into another special session, The Dallas Morning News reported. However, though he has increased his revenue projection for the state by nearly $5 billion over earlier projections, he warns that there are “dangers to the economic outlook.”
Hegar said his economic outlook does not assume a recession is imminent, but that possibility is “very real.” His current forecast indicates the state will finish the two-year budget cycle with $18.5 billion in unspent discretionary funds.
Lawmakers entered their third special session on Monday to consider Gov. Greg Abbott’s proposal for school choice, widely known as vouchers, and increased border security. Other topics may be added later.
Two solar eclipses on the horizon for Texans
There are two solar eclipses coming up over Texas skies in the next six months, the Texas Standard reported, the first in less than a week. The “ring of fire” solar eclipse arrives on Oct. 14 when a halo of light will be visible around the moon but should be viewed through solar eclipse glasses.
Depending on cloud conditions, the annular — Latin for ring — eclipse will be visible in Texas about noon, primarily in the Hill Country and around San Antonio. The total eclipse will occur on April 8 of next year starting at 1:30 p.m., along a line in Texas from Del Rio to Texarkana.