Unemployment Rate Drops Nationally, Statewide, and Locally
According to a report released by the Texas Workforce Commission, the Texas economy added over 34,700 jobs in the month of May, marking the 23rd consecutive month of employment growth for the state.
Texas is currently maintaining a 2.9% employment growth rate. Texas also maintains a 4.1% unemployment rate, which is down from 4.4% in May of 2017. According to the U.S. Bureau of Labor of Statistics, The City of Lubbock has a labor force of roughly 160,000 and an unemployment rate of 2.8 percent, down 0.2% from May of 2017.
According to the report, “May’s annual growth in the state’s Goods Producing industries was strong at 5.7 percent. Over the month, the Construction industry added 5,800 jobs, followed by Mining and Logging with 4,100 positions, while Manufacturing employment expanded by 3,400 positions. In Texas’ Service Providing sector, Education and Health Services added 8,100 positions over the month, and led all industries in job growth for May. Also within this sector, Professional and Business Services added 4,300 jobs, followed by Leisure and Hospitality with a gain of 3,500 positions.”
The report comes as the national unemployment rate also dropped 0.1% for the month of May 2018 to 3.8%, which effectively represents over 6.1 million Americans without jobs.