AUSTIN – Today, the U.S. Bureau of Labor Statistics released state-level labor market data for May 2015. The Texas Public Policy Foundation’s Center for Fiscal Policy Economist Dr. Vance Ginn issued the following statement:
“Texas’ 4.3 percent unemployment rate remains well below the national average of 5.5 percent. Texas now extends its remarkable stretch of the unemployment rate being at or below national average to 101 consecutive months. Net nonfarm job creation of 286,400 across most major industries during the last twelve months led to a share of the population employed remaining around 62 percent since the Great Recession, whereas the data today show that other states have not been so fortunate. The Lone Star State’s job creation despite headwinds of the U.S. dollar appreciation and drop in oil prices shows the resilience of the state’s economy.
“With its high economic growth rate, low unemployment rate, and low cost of living, the Texas model of limited government benefits all Texans. The Legislature’s passage of a conservative budget and roughly $4 billion in tax and fee relief are major milestones taking Texas to the next level of more liberty, freer markets, and greater prosperity.”
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.