Texas unemployment rate falls below 4 % for first time in 40 years
Houston Chronicle:
The state unemployment rate fell to a record low in October, slipping below 4 percent for the first time in more than 40 years, the Texas Workforce Commission reported Friday.The recovery from the energy slump has driven much of the gains. Manufacturing is also a key driver that is helped by national economic growth.
Unemployment declined to 3.9 percent from 4 percent as employment growth accelerated to an annual rate of 2.6 percent, nearly double the national rate 1.4 percent. All told, the state gained more than 71,000 jobs over the month and has added more than 300,000 over the past year, the Workforce Commission said.
Greater Houston's economy continued to improve as oil recovery advances, but growth here continues to lag the state, which has a broader economy not quite as dependent on the energy industry. Employment grew 1.6 percent over the past year.
The region added 48,000 jobs over the past year as the unemployment rate fell to 4.1 percent from 4.8 percent in October 2016.
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