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Saturday, December 19, 2009

Texas Adds Nearly 70,000 Jobs

Last month we predicted that jobs growth would likely begin to return by Christmas. Now Texas data confirms that jobs growth is on the way.

Seasonally adjusted data from the Texas Workforce Commission shows that during October and November, the state's employers added nearly 70,000 jobs. Gains were in categories such as education and health services, hospitality and leisure, professional and business services, and finance. Many of the jobs in October came from government sources, however even private-sector Texas employment began an upward trajectory in November.

"Job growth in the last two months has been encouraging," said Ronny Congleton, the Texas commissioner representing labor.

The Texas unemployment rate dropped to 8 percent in November, the first decrease in Texas in 16 months, officials said Friday. It was the first time overall employment posted two consecutive months of gains since mid-2008.

At the national level, unemployment fell in 36 states and the District of Columbia in November.

The Texas data further underscores a 9-month linear growth trend line that forecasts a strong monthly jobs growth rate by mid-2010.


6 comments:

  1. Just posted on CNBC: "A Funny Thing Happened on the Way to Armageddon"
    http://www.cnbc.com/34124400/

    You called it right -- long before anyone else, GNE!

    ReplyDelete
  2. Thanks Joe,

    Happy Holidays! I'm looking forward to a 2010 filled with positives. No doubt they are there when we take the time to look for them. My prediction for next year is one of US jobs growth that is well beyond most expectations. A recovery that is anything but jobless...

    Best to you and yours in this season and throughout the new year...

    GNE

    ReplyDelete
  3. GNE:

    Happy Holidays to you as well! Thanks for keeping our spirits up -- and charged -- this year!

    What is interesting about recovery periods is that while we track the jobless rates, and to some extent job creation, there's precious little data on new business startups.

    For example, professionals downsized out of jobs opting to start their own businesses (contracting, consulting, new product creation, the works) as a more sustainable alternative to hunting for a full-time job where they will be again at someone else's whim. With cloud computing and online resources, startup costs are extremely low. I think we may have another entreprenerial boom on the way that's still hidden from the view of economists and government data trackers.

    Joe

    ReplyDelete
  4. GNE,

    Merry Christmas and thanks for your wonderful optimism this year!

    ReplyDelete
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