New Texas Jobs Report Shows Unemployment Rate At or Below the U.S. Average for 116 Consecutive Months
Today, the Bureau of Labor Statistics released state-level labor market information for August 2016. The Texas Public Policy Foundation’s Economist Dr. Vance Ginn issued the following statement:
“Texans continue to have reason to cheer as employers increased net nonfarm jobs by 21,400 last month, bringing the remarkable streak to 69 of the last 71 months. Critics have tried to discount the vitality of the state’s economy that’s based on a diverse economy and pro-growth policies, but time and again those critics have been proven wrong,” said Dr. Ginn. “The 190,600 jobs created during the last twelve months contributed to a 4.7 percent unemployment rate that’s now been at or below the national average for 116 straight months; no other state comes close to this feat. There’s been slower job creation, so there’s room for improvement, but the results are clear: the Texas model sparks more voluntary exchange, which in turn creates more prosperity for Texans. Legislators should take note and double-down on last session’s efforts in the upcoming session.”
Vance Ginn, Ph.D. is an Economist in the Center for Fiscal Policy at the Texas Public Policy Foundation.
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The Texas Public Policy Foundation is a non-profit, free-market research institute based in Austin, Texas.
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Ph.D. Economist at the Texas Public Policy Foundation. Blog posts are publications by the author.