The Federal Reserve Bank of Dallas projects a 2.1% increase in jobs for the rest of 2024, a decrease from October's 2.5% forecast.
The projection, with an 80% confidence band, is based on an average of four models, which include potential national GDP, future oil prices, and the Texas and U.S. leading indexes.
The Dallas Fed's forecast suggested that 288,000 Texas jobs will be added this year and that 14.3 million people will be employed in December.
"Texas employment contracted as 6,600 jobs were lost in October,” said Jesus Cañas, Dallas Fed senior business economist. “Losses were concentrated in the private sector services, particularly professional and business services, although some sectors expanded, such as information and financial activities. Government and goods-producing sectors also expanded."
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Texas saw an annualized 0.6% employment decrease month over month in October following September's 3.7% increase.
The unemployment rate, which accounts for total labor force changes, increased in October for major metroplexes, including Dallas, Fort Worth, Arlington, and San Antonio, while statewide unemployment rates remained at 4.1%.
Additional information on the Texas Employment Forecast, seasonally adjusted and benchmarked Texas jobs data, and metro unemployment rates may be found on DallasFed.org.
