Texas unemployment rate dips to record low

The Federal Reserve Bank of Dallas Texas today reported that hiring rebounded significantly in October from a Hurricane Harvey-induced employment drop in September as state unemployment reached a record low.

Texas added a whopping 63,400 jobs in October, largely due to a 22,900 job gain in the Houston area and continued strong employment growth along the Interstate 35 corridor from San Antonio to Dallas/Fort Worth.

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The Texas unemployment rate dipped to 3.9 percent, a record low. The state’s unemployment rate had never been below 4 percent since the start of the Federal Reserve’s statewide records in January 1976. The strong job market has made hiring a challenge for San Antonio area employers.

The San Antonio area, meanwhile, continued its pattern of slightly faster hiring by adding 3,000 jobs in October, staying on track for 3 percent job growth for 2017, compared to the state’s forecast of 2.6 growth this year. Texas jobs grew only 1.2 percent in 2016, but so far this year has seen jobs grow at a 2.7 percent rate.

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