Texas has seen a dramatic decline in its unemployment rate in 2016, and the state is now just two weeks away from an expected record low of 2.99%.
On Thursday, the US Labor Department reported that the unemployment rate for the state fell to 2,891.6 per cent, a decline of 4,965.4 from the year before.
“There are some indications that the economy has recovered from last year’s sharp drop,” said Michael Rafferty, an economist at Capital Economics.
“It is hard to tell whether the fall in the unemployment number reflects the fact that more people are getting jobs or the fact there has been a slowdown in hiring.”
Rafferty said that if the economy continues to grow at this pace it is likely that Texas will reach the milestone of 2,981 per cent unemployment in 2021.
But the state’s unemployment rate is not the only indicator that Texas has lost ground to other states.
It also shows that there are fewer people in the state.
There are now 4.8 million Americans who have not worked in the past month.
About 11 million are either employed or looking for work, and about 4.2 million are looking for part-time work.
The number of people with jobs has declined for the first time in more than 20 years, according to the Labor Department.
The jobless rate for Texas is down 0.9 percentage points from a year ago, while the jobless rates for the rest of the country are unchanged at 8.5 per cent.
The national jobless percentage is now 7.6 percentage points higher than it was in January, but the rate for all Americans is still below where it was just three years ago.