AUSTIN – Today, the U.S. Bureau of Labor Statistics released state-level labor market data for February 2015. The Texas Public Policy Foundation’s Center for Fiscal Policy Economist Dr. Vance Ginn issued the following statement:
“Though the U.S. Bureau of Labor statistics noted today that net nonfarm job creation in Texas slowed to 7,100 in February compared with the 2014 average of 33,950 per month, last month marked the 53rd straight month of positive job creation,” said Ginn. “More jobs equal more opportunities to prosper. This job creation helped lower the unemployment rate to 4.3 percent which has now been at or below the national average for 98 consecutive months.”
Ginn continued: “Lower oil prices contributed to 3,500 fewer net jobs in the oil and gas sector weighing down employment but lower gasoline prices helped drive more job creation in other sectors such as a 16,300 jobs added in the retail trade, transportation, and utilities industry. Overall, net job growth was 357,300 during the last twelve months creating more opportunities for all Texans to prosper. It’s good to see valuable strides to boost this success were taken recently in the Texas Senate by passing what could be the largest tax cut of $4.6 billion in the state’s history.”
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.