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Austin unemployment rate hits lowest point since January 2001

jobsA surge of job growth in April knocked the Austin-area unemployment rate to its lowest point since the dot-com boom, as local employers continue to absorb the influx of residents moving into the country’s fastest-growing large city.

The metro jobless rate dropped to 3.0 percent in April, down from 3.3 percent in March, according to data released Friday by the Texas Workforce Commission. That marked the area’s lowest rate since January 2001 and put the area labor market back within reach of some of its lowest rates on record.

The significant local improvement belied a tougher labor environment across the state as a whole, with several regions struggling with the pullbacks sparked by the sharp drop in oil prices. After adjusting for seasonal workforce trends, the state added about 1,200 jobs during the month – a slight rebound from the revised decrease of 25,200 jobs the month before.

The seasonally adjusted unemployment rate in Texas held steady at 4.2 percent in April, the commission said. The national rate dropped to 5.4 percent from 5.5 percent the month before.

All told, local employers added about 9,500 jobs during April, roughly double the average job-creation rate for the month since 2000, according to commission data. Aside from public sector employment, which dipped slightly during the month, the payroll growth was spread across a wide range of industries.

Click to read entire article: Austin unemployment rate hits lowest point since January 2001 (Austin American-Statesman, 05-22-15)

 

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