Unemployment rate drops to 8.4 percent
Texas Insider Report: AUSTIN Texas Private employers continue to invest their capital in the growing Texas workforce" said Texas Workforce Commission (TWC) Chairman Tom Pauken while announcing earlier today that Texas private sector continued to grow in October adding 13500 jobs. With annual growth rates above 2.0 for the last five consecutive months Texas has experienced positive annual job growth in the past 18 months.
Texas seasonally adjusted unemployment rate was 8.4 in October down slightly from 8.5 in September and remains below the national unemployment rate of 9.0.
The private sector has added an impressive 286200 jobs since October 2010 for a growth rate of 3.4" said Pauken.
Texas total nonfarm employment has expanded by 231600 jobs over the year to reach an estimated 10616500 positions in October. Overall Texas added 2500 jobs over the month.
Over the year nine of the 11 major industries have added jobs. Mining and Logging employment climbed for the 11th time in the past 12 months with an estimated increase of 4500 jobs in October. Over the past year Mining and Logging has grown by 20.5 percent. This major industry has grown by 33900 jobs since January 2011.
Several of our major industries are continuing to grow including the Education and Health Services industry" said TWC Commissioner Representing Labor Ronny Congleton. That industry has expanded by more than 6000 jobs for the third consecutive month."
Trade Transportation and Utilities added 6500 jobs in October 2011 growing by 53900 jobs over the year. Leisure and Hospitality added 14900 jobs over the month for a total of 35600 jobs since October 2010. Government employment declined by 11000 jobs in October bringing the number of Government jobs lost over the year to 54600 jobs.
Texas unemployment rate is going down even as its civilian labor force has grown to more than 12.3 million" said TWC Commissioner Representing the Public Andres Alcantar. We encourage those looking for work to utilize Workforce Solutions services to connect with job opportunities in our growing industries."
The Midland Metropolitan Statistical Area (MSA) had the lowest October unemployment rate in the state at 4.5 percent. The Amarillo MSA came in second at 5.6 percent and the Odessa MSA third at 5.7 percent (not seasonally adjusted).
