The Austin-Round Rock metro has consistently seen lower-than-average unemployment this year. And while that remains the case for June, the area has seen a bit of an increase in the number of people currently out of work. May’s unemployment rate was 2.7 percent. For June, that has jumped up to 3.1 percent.
According to data released today from the Texas Workforce Commission, key takeaways include:
- The Austin metro unemployment rate remains below Texas (4.4%) and national (3.8%) rates.
- According to TWC, the Austin metro gained 13,000 jobs from May to June. The region has experienced an annual growth rate of 6.4%, representing the collective addition of 75,000 jobs since June 2021.
- Furthermore, TWC reports unemployment in the Capital Area/Travis County region*** also slightly increased to 3.0% from May to June, representing 24,189 unemployed residents.
June Job Growth/Losses by Industry in the Austin-Round Rock MSA:
- Monthly Increases: Industries that experienced regional job growth from May to June include leisure and hospitality (5,800), professional and business services (2,800) and trade, transportation and utilities (2,000).
- Other industries that experienced monthly job growth include manufacturing (1,600) information (1,200), and mining, logging and construction (1,100).
- Monthly Decreases: Government (-2,100) and education and health services (-1,300) experienced regional job losses from May to June.
- Annual Increases: Leisure and hospitality experienced the greatest regional job growth over the past 12 months with an increase of 15.7%, followed by information (11.0%) and professional and business services (9.9%).
- Other industries that experienced annual job growth include manufacturing (9.2%), trade, transportation and utilities (5.8%), and financial activities (5.4%).
- Annual Decreases: Mining, logging and construction jobs experienced a decrease (-0.5%), as well as government (-0.1%).
As high school and college students occupy some available jobs for seasonal summer employment, there is typically a slight uptick in unemployment rates in June. This is also the time where there is a rise in unemployment in the education sector due to the end of the school year.
“Our country has a ‘two for one’ labor market ratio right now, which means there are two job openings for every one worker seeking employment in the U.S.,” Tamara Atkinson, CEO of Workforce Solutions Capital Area, said. “Locally, school districts are now ramping up their hiring efforts for the start of the next school year, and I’m seeing sign-on bonuses and retention incentives as a necessary means to fill those roles quickly or face staffing shortages come August.”
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