AUSTIN – Today, the Texas Workforce Commission released labor market data for March, 2015. The Texas Public Policy Foundation’s Center for Fiscal Policy Economist Dr. Vance Ginn issued the following statement:
“Texas’ unemployment rate dropped to the lowest level since July 2007,” said Ginn. “During the last twelve months, Texas created 327,500 jobs for a 2.9 percent annual increase contributing to a drop in the state’s unemployment rate to 4.2 percent that has now been at or below the national average for 99 consecutive months. While last month net nonfarm employment declined by 24,500 statewide with 2,800 oil and gas-related jobs lost, this follows the longest streak among the largest states with thousands of jobs created for a remarkable 53 consecutive months in Texas. Though a slowdown in job growth from the drop in oil prices and appreciated U.S. dollar was expected, the diversified Texas economy should help brunt a substantial decline in economic output and job creation.
“But state and local officials must do their part now to mitigate any further economic slowdown by limiting government spending, eliminating needless regulations, and cutting taxes—with the biggest economic boost coming from repealing the margin tax. Removing these economic impediments will help keep the economy growing and Texans employed.”
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.