November 26, 2018
The Texas unemployment rate stood at 3.7% in October 2018, setting a record low. Additionally, jobless rates are “significantly below post-recession averages in all major metros,” noted a report issued by the Federal Reserve Bank of Dallas.
Lone Star State employment, on the other hand, expanded 2.7% in October, following September 2018’s upwardly revised 2.4% growth. The state has added jobs at a 2.9% annualized rate so far in 2018, which is above its long-run average of 2%. The Dallas Fed predicts a 2.9% job growth in 2019 (December to December), with an 80% confidence band of 2.5%-3.3%.
While oil prices fell from its four-year high of $75.13 per barrel to $57.02 during the past several weeks, the prices remain above the $50.83 average reported in 2017. The current active rig count of 535 is 24% higher than its 2017 average of 431 rigs, according to the Dallas Fed.
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