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 of 7300 jobs in the state, those jobs are expected to rebound in coming months. Texas had not seen a decline in employment since March 2016. Texas has added 256,100 jobs during the past year.

While the Dallas Fed is looking for a quick return to job growth in Texas, they apparently don’t have any good solutions for anemic wage growth. That’s probably because the Fed’s supposed mandate of “full employment” is highly subjective measure. By many appearances the Fed’s massive monetary experiment during the last decade has crushed average workers as asset inflation has outstripped wage gains for employees.

Apparently it never dawned on the economists at the Fed that corporate executives would rather buy back their own stock with cheap liquidity from the Fed and pad their bonuses rather than investing in new plants, equipment and higher wages for employees. The Fed can’t seem to generate inflation in the real economy other than asset bubbles in stocks and home prices. At the same time, wage gains in the latest “recovery” continue to toward those at the top of the economic strata.

While employment growth in the Dallas/Fort Worth area may look impressive, that stated unemployment rate is a fictional construct. Dallas has not yet been forced to deal with the many distortions in the markets caused by massive central bank intervention, but all good things come to pass. Things can change in a hurry when you have built your foundation on a pile of debt and deceit, but for now the employment sector in Dallas Texas remains positive.

“The Federal Reserve system, joined by the Bank of Japan and the European Central Bank, artificially increased asset prices in a coordinated effort not to promote growth, but avoid debt deflation. Unfortunately, without an increase in income to match the artificial rise in asset prices, the logical and unavoidable result of the end of QE is that asset prices must fall and excessive debt must be reduced.” Christopher Whalen