Texas unemployment rate falls to historic low — again

In June, unemployment in Texas fell to new records as the local labor market strengthened to an unprecedented level due to a strong national economy, employment growth, and a slowing population growth.

The Texas Labor Commission said Friday the unemployment rate fell to 3.4 percent from 3.5 percent in May last month. Nationally, the unemployment rate averaged 3.7{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} in June.

The state added 45,000 jobs in June and more than 315,000 jobs last year.

In a statement, Ruth Hughs, chairman of the Texas Labor Commission, said, "June unemployment is a historic victory for employers and workers across the state."

The economy in the Houston region added 10,400 jobs last month, according to government data, and the unemployment rate fell from 4.6{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} in June 2018 to 3.8{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} in June.

Historically low unemployment rates in Texas indicate that New York's labor market is strengthening. This can be good for workers if pressured employers continue to raise wages, but it can be a challenge for companies looking to hire.

Since 2017, the vast majority of companies surveyed by the Dallas Federal Reserve have struggled to find qualified applicants, and some pointed out that they have limited business growth.

Part of Texas' challenge is to slow migration from other parts of the United States. The growth of the state's population due to domestic migration, or the percentage of people migrating from other parts of the United States, has fallen by almost half. Analysis by Dallas Fed. Economists think this is the strength of the national economy. If you can find work elsewhere, fewer people are less likely to find work in Texas.

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