Hiring for Texas workers picked up in July as the state’s economy is expected to rebound after a sluggish start to the year, according to the Federal Reserve Bank of Dallas.
Roughly 21,700 jobs were added in July, up from a revised 16,700 in June, the Dallas Fed reported Friday. The amount of jobs added in June was revised upward by almost 6,000.
Hiring has slowed compared to 2015 and is forecasted to reach a little more than half the pace of last year. But jobs were added at the highest rate yet this year in July, the Dallas Fed said.
It’s now estimated that about 96,200 jobs will be added in 2016, up 0.5 percent from predictions one month ago.
“Recent data suggest that the Texas economy has improved and that growth in the second half of the year will be much better than in the first half,” said Dallas Fed Senior Economist Keith Phillips.
Employers are advertising more jobs and the growth is fueled in part by rising stock prices of Texas-based companies. The unemployment rate for the Dallas-Plano-Irving area was 4.1 percent in July, up from 4 percent in June. It’s one of the lowest rates of major cities in the state.
“The rebound in help-wanted advertising in July suggests that employers are returning to the market looking for more workers,” Phillips said. “The continued strength in the value of the dollar, however, poses significant challenges for Texas manufacturers.”
Presented by Dallas Business Journal