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Dallas TX Employment Engine Sheds 59,000 Jobs In January Turnover

The Dallas TX employment engine was misfiring as we headed into 2018. Recently revised figures from the Texas Workforce Commission show the Dallas-Fort Worth-Arlington MSA shedding 59,000 jobs in January. While it is typical for the January numbers to decline after the holiday turnover, the 59,000 jobs lost in January represents the highest seasonal turnover loss in several years. Employment levels were already declining with the December numbers, so this is a development that could be worth watching. We'll know more in a few weeks when we get the February employment data. What is particularly [...]

December Jobs Growth Misses, Wage Growth Still Weak

Yesterday I was musing about the expected rise in inflation and bond yields that so many professional pundits and talking heads are expecting in 2018. That's the story being bantered about on various mainstream cable news puppet shows. Today we received another reality check on that "pent up demand" and overheating labor market story as the December Jobs Report painted a rather lackluster finish to 2017. The BLS Employment Situation showed an increase of 148,000 jobs in December. That's the good news from the establishment survey. The Household survey (Table A) showed an increase of [...]

Dallas TX Employment Grows In September

Dallas TX employment continues to march higher. September brought an increase of 15,600 jobs compared to revised August figures. The Dallas-Fort Worth-Arlington MSA region added 93,600 jobs during the past year according to numbers from the Texas Workforce Commission. The official (goal-seeked) unemployment rate for the Dallas area stood at 3.4 percent in September, below the state average of 4 percent. The Dallas employment sector continues to be tight according to many local economists. Pia Orrenius, a senior economist with the Dallas Fed was "encouraged by the data". Even though Hurricane Harvey caused a drop [...]

Texas Economic Development Fueled By Taxpayer-Funded Corporate Subsidies

Texas economic development continues to be fueled by taxpayer-funded corporate subsidies. An estimated $1.4 billion in property tax revenue has gone uncollected in Texas from 2005 to 2015 as a result of Chapter 313. These are the findings from the state auditor's report in October 2016. As Texas Observer detailed last year, the free lunch to corporations doing business in the state of Texas has seen steady growth year after year. The Texas Economic Development Act, or Chapter 313 as it's known in the tax code, has now racked up an estimated $7 billion cost [...]

By | 2017-12-22T01:45:41+00:00 February 11th, 2017|Economy, Energy & Utilities, Politics, Texas Property Taxes|0 Comments

Texas Layoffs Surge In January, More Job Cut Announcements To Come

The latest job cut numbers from Challenger Gray should give pause to those who have been calling a bottom to the recent downturn for the energy sector. Not only did Texas blow all other states out of the water in terms of job cut announcements in January, the YTD layoffs in 2016 point to an accelerating downturn. Challenger noted that the 75,114 job cut announcements for January 2016 was 42 percent higher than a year ago, and the largest January total since 2009. The "lower for longer" theme for energy prices is finally beginning to [...]

Dallas Fed: Texas Manufacturing Activity Crashes To 6-Year Lows

The Dallas Fed released the Texas Manufacturing Outlook Survey numbers for January, and it appears the Texas economy is continuing to fade with the downturn of the energy sector. The January numbers show the General Business Activity index printing at a negative 34.6, falling from December's -21.6. These are interesting numbers from the Dallas Fed considering the president told us just a few weeks ago that the economy was not in decline. I guess the Dallas Fed is "peddling fiction" as well. Here's a rundown of the January manufacturing numbers which were all in the [...]

Jobs, Interest Rates, Fed Folly & Housing

It was another interesting week, culminating in a sleeper of a jobs report. The November employment report from the BLS showed that the U.S. gained another 211,000 jobs. Of course the only problem is anyone with a functioning brain knows by now that the headline jobs numbers are a complete farce. The sad reality is that there are still 94.4 million Americans NOT in the labor force, bringing us to a labor force participation rate of 62.4 percent. For most Americans there is no real recovery in the job market as wage growth has remained [...]

BLS: August Unemployment Rate Drops To 5.1% As 94 Million Americans Not In The Labor Force

There's no BS like the BLS. When it comes to meaningless headline data, the official U.S. unemployment rate is about as misleading as you can get. Today the August employment report from the Bureau of Labor and Statistics told us that the unemployment rate dropped to 5.1%. Of course the reality is while apparently added 173,000 jobs in August, the real reason the official unemployment rate dropped is because more people were vaporized from the labor force. As noted in the graphic above graciously provided by Professor Anthony Sanders, the U.S. labor force participation rate dropped [...]

By | 2018-02-02T23:39:36+00:00 September 4th, 2015|Economy, Markets, Spin Cycle, Texas Employment|0 Comments

July Job Cuts Reach Highest Level In 4 Years, Texas Still Leads Nation By Wide Margin In 2015

Challenger Gray & Christmas released their July job cut report, and it appears employment cutbacks revved up again during the month of July. Challenger reports there were 105,696 job cuts in July, the highest one-month total in 4 years. What was surprising in the latest report was that more than half of the July cuts came from the U.S. Army via troop and civilian workforce reductions. What's not surprising in the latest report is that Texas still leads the nation for layoffs this year by a wide margin. With oil prices flirting with a new [...]

By | 2015-08-06T14:00:14+00:00 August 6th, 2015|Economy, Energy & Utilities, Spin Cycle, Texas Employment|0 Comments

June Unemployment Rate At 5.3%, But Record 93.6 Million Not In The Labor Force

The tragicomedy from the BLS continued today with the June Employment Report. The Bureau of Labor Statistics reported an increase of 223,000 U.S. jobs for the month of June and an unemployment rate of 5.3 percent. The labor force shrank in June by 432,000, with those not in the labor force rising by 640,000 in June. That's how the BLS unemployment rate was magically reduced. There are now a record 93.6 million people not in the labor force! That's more than 37 percent of the labor force vaporized for the sake of a meaningless headline unemployment [...]