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Monday, April 15, 2024
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Texas Employment Report: October Labor Market Dynamics

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Nationally, the unemployment rate saw a marginal increase of 3.9%, while Texas maintained a steady rate of 4.1%. Image for illustration purposes
Nationally, the unemployment rate saw a marginal increase of 3.9%, while Texas maintained a steady rate of 4.1%. Image for illustration purposes
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Texas Border Business

The Texas Workforce Commission’s October Labor Market and Employment reports reveal mixed outcomes in the state’s employment landscape. Nationally, the unemployment rate saw a marginal increase of 3.9%, while Texas maintained a steady rate of 4.1%.

State Employment Trends

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Texas experienced a complex job market in October. The state lost 1,300 non-agricultural jobs, marking a slight dip. However, over the past year, there was a significant gain of 391,500 jobs, indicating a robust annual growth, although at a slightly reduced rate of 2.9%.

Sector-Specific Insights

• Goods-Producing Sector: Faced a minor decline with a loss of 1,100 jobs in October. Despite this, the yearly gain stood at 67,100 jobs, with a growth rate adjusting to 3.5%. Notably, the Mining and Logging sector added 1,400 jobs, leading this category.

• Service-Providing Sector: This sector witnessed a minor reduction of 200 jobs in October but saw an impressive annual increase of 324,400 jobs. Growth was predominantly led by the Trade, Transportation, and Utilities sectors (adding 5,300 jobs) and the Information sector (gaining 2,100 jobs).

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Regional Unemployment Trends

The report highlights regional variances in unemployment rates:

• Hidalgo, Starr, and Willacy Counties: Each observed a significant decrease of 0.6% in unemployment rates.

• Cameron and Webb Counties: Both experienced a decline in unemployment by 0.4% and 0.3%, respectively.

County-Specific Unemployment Data

• Hidalgo County: Decreased to 5.2%.

• Cameron County: Dropped to 4.9%.

• Starr County: Reduced to 7.7%.

• Willacy County: Fell to 6.6%.

• Webb County: Lowered to 3.7%.

City Employment Figures

• McAllen: Recorded the lowest unemployment rate in the Rio Grande Valley at 4.1%.

• Edinburg: Followed closely with a rate of 4.4%.

• Other cities like Mission, Laredo, Harlingen, and Brownsville also reported declining unemployment rates.

This report highlights Texas’s complex and varied employment landscape, with gains and losses observed across different sectors and regions. Despite some setbacks, the overall annual growth remains positive, reflecting the state’s resilient economic structure.

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