City of Austin Unemployment Rate Falls to 3.2 Percent in July
According to data released by the Texas Workforce Commission, Austin’s unemployment rate dropped to 3.2 percent in July, from the 3.4 percent of the previous month.
This percentage change was largely due to the manufacturing and building sectors. Factories added 600 jobs in July, and the mining, logging and construction sector “expanded their job base by 7 percent over the past 12 months.”
Furthermore, employment in the manufacturing and building sectors was strong enough to offset the usual seasonal declines. After factoring in seasonal patterns, the commission adjusted their numbers to conclude that Austin’s unemployment rate dropped to 4.3 percent from 4.6 percent in June.
“Overall, local employers cut 8,200 jobs during the month, a 0.8 percent decline that was lighter than the usual reductions in July, when local and state governments slash payrolls, the commission said. Public-sector employers, which include many schools, cut about 10,100 jobs during the month.”
Though the expansion of manufactures and builders was a key component to the drop in the unemployment rate, it was also due to hiring across multiple private-sector industries.
For example, there was a surge of employment in the high-tech industry in July. “Employers in the professional, scientific and technical services industries added 1,100 jobs during the month, a gain of 1.1 percent.”Posted on Monday, October 23, 2017