AUSTIN – Today, the U.S. Bureau of Labor Statistics released state-level labor market data for January 2015. The Texas Public Policy Foundation’s Center for Fiscal Policy Economist Dr. Vance Ginn issued the following statement:
“Today’s state-level employment report from the U.S. Bureau of Labor Statistics provides another indication of robust job creation in Texas despite a substantial drop in oil prices,” said Ginn. “With oil and natural gas-related jobs comprising only 3 percent of total nonfarm jobs statewide, the loss of 3,400 jobs in the oil and gas sector in January didn’t stop employers from adding 20,100 net jobs. Job creation across most major industries led to a remarkable feat of the unemployment rate reaching a low of 4.4 percent not seen since early 2008, marking the 97th consecutive month at or below the national average.
“These labor stats show that the Texas model of low taxes and a relatively free market benefits businesses and consumers statewide. With many nationwide not included in the unemployment rate as they stop their unsuccessful job search, it’s important to consider other labor market measures like the share of the population employed. This share in Texas is near its pre-recession level at 62.1 percent trumping the national average and other large states that are well below previous levels. Collectively, these data are indicative of the vibrant job creation in Texas that proves the case that liberty-advancing policies provide the best opportunity to prosper. To strengthen the Texas model, the 84th Texas Legislature should limit spending growth and provide substantial tax relief.”
Vance Ginn, Ph.D. is an Economist in the Center for Fiscal Policy at the Texas Public Policy Foundation.
The Texas Public Policy Foundation is a non-profit, free-market research institute based in Austin, Texas.