Posted on 06/19/2003 4:23:48 PM PDT by MeneMeneTekelUpharsin
Associated Press
AUSTIN - Texas unemployment rose to a seasonally adjusted rate of 6.8 percent in May and manufacturing jobs fell to their lowest level since 1992, the Texas Workforce Commission said today. The May unemployment rate was up from April's 6.6 percent and also higher than the 6.4 percent figure of a year ago. The unemployment rate, the most widely watched measure of the Texas job market, was adjusted for seasonal patterns in hiring and firing. Most economists believe that adjusted figures give a better reading of the job market by weeding out seasonal changes.
The Workforce Commission said that without adjusting for seasonal patterns, the unemployment rate jumped from 6.2 percent to 6.5 percent in May. The commission released unadjusted figures for Houston and other cities. Houston's jobless rate was 6.7 percent in May, compared to 6.3 percent in April. Dallas posted 7.0 percent unemployement, up from 6.7 the previous month. The number of working Texans rose by 7,500 but the unemployed increased by nearly 35,000 -- a larger-than-usual increase in the number of unemployed for May. The strongest job market was in leisure and hospitality, which added 5,800 jobs in May, the biggest gain since 1999, the commission said. Still, the industry's annual growth rate is well below the rates of the late 1990s. Government employment grew for the fifth straight month, adding 3,100 jobs in May.
Manufacturing, however, lost 3,800 jobs in May, the biggest decline this year and continuing a string of 29 straight losing months. About 921,600 Texans work in manufacturing, the smallest number since March 1992, the commission said. Construction, which had seen gains in employment since October, saw that winning streak snapped with the loss of 3,100 jobs, the largest downturn in the industry since January 2002. Initial claims for unemployment, however, offered modest cause for hope, falling to 92,399 from 98,943 in April and 104,615 in May 2002. The following are the preliminary May unemployment rates for the Texas metropolitan areas, with revised rates for April in parentheses. The local figures are not seasonally adjusted.
Abilene 4.2 (4.0) Amarillo 3.8 (3.4)
Austin-San Marcos 5.5 (5.3)
Beaumont-Port Arthur 8.8 (8.5)
Brazoria 9.1 (8.2)
Brownsville-Harlingen 10.0 (9.9)
Bryan-College Station 2.1 (1.9)
Corpus Christi 6.6 (6.3)
Dallas 7.0 (6.7)
El Paso 9.1 (8.3)
Fort Worth-Arlington 6.2 (5.9)
Galveston-Texas City 8.0 (7.3)
Houston 6.7 (6.3)
Killeen-Temple 5.2 (5.1)
Laredo 7.1 (7.2)
Longview-Marshall 6.6 (6.4)
Lubbock 3.2 (2.9)
McAllen-Edinburg-Mission 11.4 (11.9)
Odessa-Midland 5.6 (5.4)
San Angelo 3.7 (3.5)
San Antonio 5.1 (4.8)
Sherman-Denison 7.1 (6.6)
Texarkana N/A
Tyler 4.7 (4.2)
Victoria 5.1 (5.0)
Waco 4.8 (4.5)
Wichita Falls 4.5 (4.2)
------ On the Net:
Workforce Commission: www.texasworkforce.org
Yes, they're moving into the interior of the country, though. Border is too hot with INS agents. Notice the unemployment for the McAllen area and other border towns is rather high. However, illegals are flooding to places like Kentucky, Tenn., Ark., North and South Carolina, Mississippi, Alabama, and especially Georgia...to name a few.
I've also noted that the latino malls, norteno/tejano clubs, and many festivals have seen a significant downturn. Most notably, one of the biggest dance halls for tejano dancing, just down the street from us, has been less busy of late (NE Dallas).
For good or ill, I believe it's a combination of the economic downturn and the immigration crackdown that is making the dent... if there's not enough jobs for the Mexicanos, there's definitely a problem in Dallas. Anyone else have any data?
True; I can confirm this from bitter recent personal experience.
If companies can go off shore, they do. Not good news for our friends in Texas I'm sorry to say.
Its going to be an interesting several months, I'm sure.
Jobs aren't going to be coming to the people anymore. People are just going to have to learn to go to where the jobs are if they want to work.
That would be China for some and India for others I guess.
I think Pakistan and Indonesia have some decent opportunities as well.
How is this affecting prices? What types of properties are most affected by foreclosurs?
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