Austin’s unemployment rate dropped last month to 3.2 percent, the Austin Business Journal reports.
The Austin area had 1.08 million people in the workforce a year ago in October, and 1.1 million workers this October. The number of available jobs was 1.07 million, compared to 1.04 million a year ago. About 35,000 people couldn’t find jobs in the Austin area.
Texas’ unemployment rate was 4.7 percent in October 2016, compared to 4.5 percent a year ago. Statewide, 13,700 jobs were added last month and 207,500 jobs were added over the past year. The number of jobs in the state has increased for 18 out of the last 19 months. The service industry was the fastest growing sector of the job market, increasing by 2.5 percent and 256,700 jobs. Job sectors that saw a decrease in jobs were mining and logging and manufacturing.
The Austin unemployment rate is tied with the Amarillo area for the best in Texas. Although low unemployment rates are good for salaries, it could slow down the area’s overall economic growth. The total economic growth of the Austin metro slowed down over the last year and a half to 4.9 percent as of August. Compare that to March 2015 when the rate was almost 10 percent. Austin has seen an average annual rate of 6.25 percent since the nineties.
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