AUSTIN – Today, the U.S. Bureau of Labor Statistics released state-level labor market data for May 2018. Texas employers created the most net nonfarm jobs of any state in May (+34,700) and in the last 12 months (+352,100). Dr. Vance Ginn, director of the Center for Economic Prosperity and senior economist at the Texas Public Policy Foundation, issued the following statement:
“This is another outstanding jobs report for Texans and for many Americans nationwide. Employers in most private-sector industries continued to hire at a robust pace across the Lone Star State,” said Ginn. “There continues to be indications that the Tax Cuts and Jobs Act that Congress passed last December contributed to more economic activity and job creation and near historic highs in business and consumer confidences. Also, early data indicate the reduction in state and local tax deductions supports faster job creation in low-tax states like Texas compared to high-tax states like California.”
Texas’ unemployment rate of 4.1 percent in May has remained at or below 5 percent for 46 straight months. Also, Texas has now had positive job creation in 94 of the last 100 months.
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Vance Ginn, Ph.D. is director of the Center for Economic Prosperity and senior economist at the Texas Public Policy Foundation.
The Texas Public Policy Foundation is a non-profit free-market research institute based in Austin that aims to foster human flourishing by protecting and promoting liberty, opportunity, and personal responsibility.