The Texas Workforce Commission recently released August employment data showing Austin experiencing a net gain of 5,600 jobs from July. The increase resulted in the local unemployment rate dropping to 7.3%, according to a story by the Austin American-Statesman.
Austin, after losing over 8,000 public sector jobs in July, rebounded with 1,200 new public sector jobs filled in August. Government jobs are a key component to Austin’s economic condition, due to the number of employees working in the State Capitol and the supporting departments. The increase in public sector jobs comes at a time when government jobs continue to be cut nationwide.
Year-over-year Austin gained 15,500 jobs, for a growth rate of about 2%. More importantly, the unemployment rate went from 7.6% in July to 7.3% in August.
By way of comparison, Texas lost 1,300 jobs in August, the first net loss in 11 months. The state gained 8,100 private sector jobs in August, but the loss of public sector positions brought down the overall results. The private sector has gained jobs for 20 straight months in the state. The decrease in jobs moved Texas’ unemployement rate from 8.4% in July to 8.5% in August. This marks the highest state-level unemployment rate since 1987, yet is still better than the national rate of 9.1%.
To see the complete story in the Austin American-Statesman, please click here.