AUSTIN – Today, the Texas Workforce Commission released Texas labor market information for May 2016. The Texas Public Policy Foundation’s Economist Dr. Vance Ginn issued the following statement:
“Texas created 200 net nonfarm jobs last month and 171,800 during the last twelve months, extending the remarkable streak of positive job creation to 66 of the last 68 months,” said Dr. Ginn. “This streak coincides with recent data showing that Texas’ real economic output increased by 3.8 percent in both of the last two years despite a steep drop in oil prices. The continued job creation, albeit much slower last month, has helped keep the state’s unemployment rate of 4.4 percent at or below the U.S. average rate for a stellar 113 straight months. A diversified economy and limited government philosophy are keys to unleashing the entrepreneurial spirit of people to accomplish extraordinary things.”
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.