June 27, 2018
Unemployment in the Midland-Odessa region fell to 2.5% in May 2018, a record low for the region. The number was lower than April’s 2.6%, and “significantly under the U.S. rate of 3.8% and the Texas rate of 4.1%,” according to analysts from the Federal Reserve Bank of Dallas.
The region’s total nonfarm employment increased at a 14% annualized rate between April and May as well, the third month in a row that Midland-Odessa added jobs at an annual rate higher than 10%. With the hiring, total nonfarm employment was at 179,000, surpassing its pre-bust peak of 179,100 in December 2014.
The Permian Basin’s drilled but uncompleted wells was also on the rise, expanding to 3,203 between April and May. The number of DUCs has nearly doubled in the region over the past year, accounting for just over 40% of total U.S. DUCs, according to Fed analysts.
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