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Killeen Texas Form 5500 - Schedule I: What You Should Know
The unemployment rate was 6.9 percent, down from 7 percent in July, while the labor force participation rate fell back to the levels last seen back in March 2001. August marked the second month in a row that the labor market expanded at a 0.5 percent pace — the strongest pace since April 2009. “The economy delivered a strong performance in August, with stronger hiring and rising wages, leading to a strong month of payrolls. This is positive news ahead of the second-quarter earnings season, when more employers should get the message and start hiring again,” said Bill Adams, chief economist at Williamson Investment Counsel. “The monthly payroll gains were spread across many key job categories, with healthcare employment gaining the most, adding 1,900 jobs. Healthcare employment has been on a record pace, increasing 5 percent in August, the largest gain since 2004. Construction added 1,100 jobs, while private education increased by 550 jobs.” Texas has now added 49,400 nonfarm jobs in August 2023 over 4,800 nonfarm jobs added in July 2023 and a whopping 55,800 jobs added from the first four months of the year. Jobless Rate Hits All-Time Low in Texas The Texas jobless rate dipped to 5 percent in August 2016. At the end of that month, a total of 8,250 people were out of work. Today, 8,063 people are out of work, but there are still more than 14,000 people who are newly employed in August, according to the Texas Workforce Commission. “The Texas unemployment rate for August was its lowest since January 2023 and is the lowest in Texas since September 1992. However, with 1.6 million Texans not part of the labor force and many Americans who are working part-time who want full time jobs, we cannot assume the unemployment rate will remain where it is today,” Adams added. “The state's labor force participation rate is back over a 60 percent level and could continue to climb to the 55 to 58 percent level. This higher participation rate will enable the state's unemployment rate to remain low and ensure there is still upward pressure on wage growth as the labor market gains steam.
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