December 3, 2019
Texas employment increased by an annualized 2.5% in October 2019, following an upwardly revised 1.1% from the month before, according to a report released by the Federal Reserve Bank of Dallas. While North Texas job markets shed jobs, Houston and other major metros experienced employment growth. The Dallas Fed noted that San Antonio payrolls surged by an annualized 11.3%, followed by McAllen and Austin at 7.9% and 6.2%, respectively.
Meanwhile, unemployment throughout the state remained steady at 3.4% for a fifth month in a row. Dallas Fed analysts noted that the low unemployment rate indicates continued labor market tightness.
Meanwhile, capital expenditure indexes were positive for all of the Texas Business Outlook Surveys, including continued investments. The Dallas Fed said that positive readings mean more survey respondents reported increasing capital investments.
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