After two years of post-pandemic rebounding, job growth in Texas will begin to slow back down in the last few months of the year, said Roberto Coronado, senior vice president and senior economist for the Federal Reserve Bank of Dallas, at a Texas Tribune event Tuesday.
Though the Dallas Fed had forecast 3% job growth statewide this year, Coronado said, it expects growth in the last quarter of 2023 to dip to about 2%–close to Texas’s trend-level growth of 2.1%.
Even as its unemployment rate holds at 4.1%– which is above the national average of 3.8%–Texas has led the country in job growth over the past year, according to a Department of Labor Statistics report released last week. The state logged more than 400,000 new jobs from August 2022 to August 2023.
