Today, the Texas Workforce Commission released Texas labor market information for June 2016. The Texas Public Policy Foundation’s Economist Dr. Vance Ginn issued the following statement:
“Although Texas employers have created net nonfarm jobs at a slower 1.4 percent pace this year compared to recent years, job creation has now been positive for a remarkable 67 of the last 69 months,” said Dr. Ginn. “The 77,800 combined job losses in the mining and manufacturing sectors, driven by lower oil prices and slower global economic growth, have been matched with 246,600 job gains in the service-providing sectors during the last year. The economy and job creation have been more resilient than in previous economic cycles because of diversification and the valiant steps taken last session by the 84th Texas Legislature to pass a conservative budget and cut the business franchise tax by $2.6 billion. However, there’s more work for the Legislature to do next session by passing a second consecutive conservative budget and cutting the franchise tax to put it on a path to elimination. These steps will ensure that Texans continue to have opportunities to prosper.”
Find presentation on economic, labor market, and fiscal situation here.
Ph.D. Economist at the Texas Public Policy Foundation. Blog posts are publications by the author.