TEXAS - Jobs are on the rise in America, even more than economists anticipated.
As a result, the U.S. unemployment rate fell to 3.4 percent, its lowest level since 1969.
So much for moderation,” said Beth Ann Bovino, the chief U.S. economist at S&P Global Ratings. “We certainly didn’t see it in this report.”
Not since the year of Woodstock and the moon landing has the job market been so robust- and Texas is a big reason why.
Texas has been a driving force of the national job surge, as the Lone Star state continues to create new job opportunities at an exceptionally high rate.
Texas, home to more Fortune 500 companies than any state, has recovered the best from the pandemic lows.
Over the next five years, the DFW area is forecast to create nearly 440,000 jobs. This is the highest anticipated job market growth in Texas and is near the top for the United States as a whole.
Currently, there are 53 Fortune 500 companies based in Texas, paving way for thousands of jobs in the Lone Star State.
Over the next five years, the DFW area is forecast to create 440,000 jobs. This is the highest anticipated job market growth in Texas and is near the top for the United States as a whole.
With so much job growth stemming from the Lone Star State, Texas Governor Greg Abbott took time to brag on Texas.
No signs of slowdown," Abbott tweeted last month. "Texas remains the most dominant economic force in America."
Texas recently broke the record for the highest budget surplus in state history with $188.2 billion leftover.
Texas is currently the world’s ninth-largest economy with $1.985 trillion in GDP.
Now, after stabilizing its own economy post-pandemic, Texas has evolved into an engine for the entire nation.
Texas is the economic engine of the nation,” Abbott said last year. “Thanks to our unmatched business environment, with no corporate or personal income taxes, a highly skilled and diverse workforce, easy access to global markets, and reasonable regulatory climate, Texas has more businesses relocating and expanding here in our state than ever before.”
President Biden recently applauded the economic prosperity that the nation is undergoing.
Two years in the making, we’re making real progress,” Biden said on Thursday. “These have been the strongest two years of job growth on record.”
For months, Biden has used job growth numbers as an indicator of the success of his presidency. Now, with unemployment reaching record lows, the oft-criticized POTUS feels somewhat validated.
With job security stable for most, the next step for the Biden administration is to get a hold of surging inflation rates.
Rent, shelter, and grocery expenses are higher than ever. Additionally, college tuition costs are on the rise as well, burdening young adults across the country.
Inflation is expected to cool down eventually, though, and may be cooling faster than we think.
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