Unemployment Drops for Texas, Lubbock for October 2012

Unemployment continues to decline for the Lone Star State and the Hub City.

The unemployment rate dropped to 4.9 percent in Lubbock, down from last month’s 5 percent.

Lubbock added 200 nonfarm jobs between September and October 2012. Total private job totals for the Lubbock area dipped by 200, with the most severe job losses seen in the private service providing sector. The service providing sector has lost 1,400 jobs in the past year.

Gains of 400 jobs were seen in the government sector, 100 of which were added between September and October in local government for the Lubbock Metropolitan Statistical Area, which includes Lubbock and Crosby Counties.

The lowest unemployment rate across the South Plains is in Yoakum, with a 3.3 percent unemployment rate, which remained unchanged from September 2012, followed by Hockley County with 4.3 percent, down from September’s 4.5 percent.

The highest unemployment rate in the South Plains is in Dickens County at 8.2 percent, down from September’s 8.9 percent, and far down from October 2011’s 12.8 percent. The second-highest unemployment rate in the South Plains is 7.4 percent in Cochran County, down from September’s 7.5 percent, and down further from October 2011’s 9.2 percent.

The lowest unemployment rate for a MSA in the state is in Midland, at 3.3 percent, followed by Odessa at 3.9 percent, and the Amarillo MSA at 4.3 percent.

The unemployment rate for Texas in October is at 6.6 percent, down from September 2012’s 6.8 percent, and down further from October 2011’s 7.9 percent, according to the Texas Workforce Commission.

Over the last year, 10 of 11 major industries in Texas have shown positive growth, and six major industries displayed a monthly gain for October 2012.

The national unemployment rate is at 7.9 percent.