Texas Unemployment Stays High Despite Job Growth, Reflecting Expanding Labor Force
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Texas has one of the highest unemployment rates in the U.S. despite leading in job growth, due to a growing labor force from migration and more residents staying.
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The high unemployment rate reflects a larger hiring pool, benefiting employers. Lower rates can stall the economy and make hiring difficult.
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Texas added fewer jobs in August compared to previous months, indicating slowing growth after the pandemic rebound.
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Job growth has declined nationwide in sectors sensitive to interest rates like manufacturing and real estate.
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Remote work trends may impact commercial real estate as office spaces remain underutilized, especially in cities like Austin.