Confirming the stellar growth and continued strength of the economy, the jobless rate in Texas continued to improve for the seventh straight month in a row when it was reported that the unemployment rate for November slipped to a record low of 3.8 percent.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">The Texas economy continues to thrive. Strong job growth pushes the Texas unemployment rate to a record low. <a href="https://twitter.com/hashtag/txlege?src=hash&ref_src=twsrc%5Etfw">#txlege</a> <a href="https://twitter.com/hashtag/jobs?src=hash&ref_src=twsrc%5Etfw">#jobs</a> <a href="https://twitter.com/hashtag/economy?src=hash&ref_src=twsrc%5Etfw">#economy</a> <a href="https://t.co/KrNKsgFkFA">https://t.co/KrNKsgFkFA</a></p>— Greg Abbott (@GregAbbott_TX) <a href="https://twitter.com/GregAbbott_TX/status/944280126715498496?ref_src=twsrc%5Etfw">December 22, 2017</a></blockquote>
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With the Dow and S&P at record levels and the Republican tax plan in full swing, the US economy continues to outperform. So much so that the Texas Workforce Commission reported the lowest monthly unemployment rate for the state in four decades, down from 3.9 percent in October.
Nationwide, the jobless rate was at 4.1 percent.
In the great state of Texas, the lower unemployment rates were recorded in Amarillo and Midland at just 2.6 percent, whereas the region of Beaumont-Port Arthur area had the highest jobless rate at 6.5 percent.
Analysts state that the seasonal jobs for the end of year period could be an explaining factor, with the economy adding 54,500 seasonally adjusted nonfarm jobs.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">So far under President Trump:<br><br>-Nearly 1.7 million new jobs have been created. <br><br>-Unemployment rate has fallen to 4.1%, the lowest in nearly 17 years.<br><br>-GDP in U.S. has grown by more than 3% in last 2 quarters.<br><br>-Dow has hit record highs 70 times in 2017.<a href="https://t.co/tiwn88oMkB">https://t.co/tiwn88oMkB</a></p>— Nick Short 🇺🇸 (@PoliticalShort) <a href="https://twitter.com/PoliticalShort/status/944258855336255488?ref_src=twsrc%5Etfw">December 22, 2017</a></blockquote>
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The US unemployment rate has continuously been dropping since hitting 10% in 2010, some 2 years after the start of the latest financial crisis. The current level mirrors that of 2000, just before the Dotcom bubble, or of the start of the 1970s, right before the oil crisis. The big question is of course whether wages will increase now that the US job market is getting so tight.
The theory goes that as soon as the unemployment rate gets too low, it kicks off a negative chain reaction. As unemployed workers become scarce, firms must pay more to attract additional or specialized workers, even though the marginal worker is less productive.
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Because of Trump of course. What a first year. Fantastic.