Dallas Fed: Texas Added 23,600 Jobs in January; State Employment Forecast Revised Down to 0.9 Percent for 2016
DALLAS—Texas added 23,600 jobs in January, according to seasonally adjusted and benchmarked payroll employment numbers released today by the Federal Reserve Bank of Dallas.
The state added a revised 13,000 jobs in December. In 2015, jobs grew at an annualized pace of 1.5 percent.
“Despite the continued drop in oil prices and strength in the U.S dollar in December and early January, the Texas economy continued to add jobs,” said Keith R. Phillips, Dallas Fed assistant vice president and senior economist. “Job growth remains strong along the Interstate 35 corridor of Dallas, Austin and San Antonio.”
Incorporating January’s employment data, the Texas Employment Forecast stands at 0.9 percent growth for 2016, suggesting 110,600 jobs will be added in Texas this year. This is a downward revision from the 1.1 percent forecast the Bank released last month.
The Bank’s Texas Leading Index fell for the third consecutive month in January, with six of the eight indicators having negative contributions to the overall change in the index. During the three-month period ending in January, the index declined at it fastest pace since March 2015.
Unemployment rates fell in nine major Texas metro areas in January, according to seasonally adjusted numbers from the Dallas Fed.
The Dallas Fed improves upon Bureau of Labor Statistics (BLS) payroll employment estimates for Texas by incorporating preliminary benchmarks into the data in a more timely manner and by using a two-step seasonal adjustment technique.
The Dallas Fed releases its Texas Employment Forecast on a monthly basis in conjunction with the release of monthly Texas employment data. The forecast projects job growth for the calendar year and is estimated as the 12-month change in payroll employment from December to December.
For information on the methodology for the Bank’s Texas employment forecast, visit the Dallas Fed’s website.
Federal Reserve Bank of Dallas
Phone: (214) 922-5288