The Texas Employment Forecast released by the Federal Reserve Bank of Dallas indicates that jobs will increase 2.9% in 2023, with an 80% confidence band of 2.6% to 3.3%. This is nearly flat with the previous month’s forecast of 3.0% growth for the year. Texas added 12,400 jobs in August, according to seasonally adjusted and benchmarked payroll employment numbers. Texas added 28,200 jobs in July. Additional takeaways from the latest Dallas Fed report:
- The forecast suggests that 399,600 jobs will be added in the state this year, and employment in December 2023 will be 14.1 million.
- Texas employment grew an annualized 1.1% month over month in August, while July growth was revised down to 2.5%.
The Texas unemployment rate statewide was 4.1% in August, unchanged from July.