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US job market hits bottom, Texas still falling

By
Real Estate Agent with Keller Williams@Cinco Ranch

 While the U.S. labor market hit bottom in August, job losses continued a downward spiral in the Lone Star State, said Dr. Ali Anari in his January review of the Texas economy.

 

The research economist said Texas lost 277,400 nonfarm jobs last year, an annual loss of 2.6 percent. Meanwhile, the United States lost more than four million or 3 percent of total nonfarm jobs.

 

Seasonally adjusted Texas unemployment rose from 5.6 percent in December 2008 to 8.3 percent last December. During the same 12 months, the U.S. rate jumped from 7.4 percent to 10 percent.

 

With 83,000 additions, state government led all categories in job gains, a 4.6 percent annual growth rate. Of these, 56,300 were in local government, 25,600 at the state level and 1,100 in federal employment.

 

Education and health services added 60,500 jobs, an annual growth rate of 4.6 percent. All the job gains were in health care and social assistance (61,800) while educational services lost 1,300.

 

Repair and maintenance, personal and laundry services, religious, civic and professional organizations gained 6,100 jobs during the year, up 1.7 percent.

 

"McAllen-Edinburg-Mission was the only Texas metropolitan area to record increased employment," noted Anari. "Twenty-five had net job losses."

 

Annual employment for the Austin-Round Rock metro area was minus 0.3 percent, but that still was the second best Texas metro employment growth rate for 2009. Lubbock was third best at minus 0.8 percent.

 

The state's actual unemployment rate for December was 8 percent. Amarillo had the lowest unemployment rate, followed by Lubbock, Midland, College Station-Bryan and Abilene.

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