The Texas Workforce Commission said Friday the city is on track to end the year with record employment as most job sectors gained in November. One sector that declined was construction, which shed jobs as the Fed’s aggressive interest-rate hikes have had a chilling effect on home starts as well as home sales.
The leisure and hospitality sector led the statewide gains, adding 20,200 jobs statewide on a seasonally adjusted basis. It’s a sign that the sector, which lost more jobs than any other during the COVID-19 pandemic, continues to recover.The mining and logging sector, which encompasses jobs in the energy industry, added 3,800 jobs, bringing total gains in the sector over the past 12 months to 42,200 — an increase of 22.7 percent.
In some ways, he suggested, that would be a good thing, as the labor market is currently “extremely tight” and “out of balance” and large-scale layoffs are not likely, even as GDP growth slows and many economists expect a recession next year.