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Metro Houston added 5,400 jobs in August ’22, according to data released today by the Texas Workforce Commission (TWC). This falls below expectations for the month. In a normal year, the region creates 7,000 to 10,000 jobs in August. In a boom year, which has been the case up to this point, the region creates 10,000 to 18,000 jobs. It’s too soon to determine whether the August report is the first sign of an economic slowdown.
A Few Items of Note
Fourteen of the 19 major sectors tracked by TWC have fully recovered their pandemic losses. Information, hotels, and personal services should recover by the end of the year. The path to full recovery for energy and manufacturing remains uncertain, especially as U.S. economic growth has begun to slow.
With today’s report, nonfarm payroll employment in Houston now tops 3,273,100, well above the previous peak of 3,207,900 reached in November ’19.
Patrick Jankowski, CERP
Chief Economist and Senior Vice President, Research
Metro Houston added 5,400 jobs in August ’22
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