Dallas Fed Releases March Employment Forecast, Reports Decline in Unemployment

In a statement released by DallasFed.org, officials found that the state of Texas added almost 25,000 jobs in the month of March.

According to the Federal Reserve Bank of Dallas, the state brought in 24,900 jobs and within a three-month span, the state added 175,500 jobs this year alone.

Officials with the Texas Employment Forecast estimate that jobs will increase by 3.3 % this year.

The increase is based on the projected national GDP, COVID-19 hospitalizations, and future oil prices.

The forecast fell slightly from the 3.4 % estimated with the release of February data.  

"March job growth slowed overall, as an acceleration in goods-producing sectors-particularly energy and manufacturing-was offset by a flattening out in most service sector industries," said Christopher Slijk, Dallas Fed associate economist. "As headwinds from ongoing supply-chain constraints and labor market tightness continue, job growth through the remainder of the year will moderate from the 5.5 % rate seen in the first quarter." 

The report also projected that 435,500 jobs will be added in the state this year, and employment in December 2022 will be 13.4 million.  

In addition to the new jobs, unemployment rates in March declined in all major Texas metros from 4.7 % in February to 4.4 % in March.

For more information, visit DallasFed.org.