The U.S. Unemployment Rate Hits a 50-Year Low
America's labor market is roaring back, adding another 431,000 jobs in March and bringing the unemployment rate to a new pandemic-era low of 3.6%, the Bureau of Labor Statistics reported.
Prior to the pandemic, the jobless rate was at 3.5%, matching the near 50-year low first set in 2019.The Texas Workforce Commission (TWC) announced the seasonally adjusted Texas unemployment rate for February was 4.7%, a decrease of 0.1% from January.
According to a March 25 news release, the Dallas-Fort Worth Metroplex recorded an unemployment rate of 4.1% in February, remaining unchanged from January. The unemployment rate in February 2021 was 6.1%.
February marks the fourth consecutive month of record-setting employment levels in Texas. This continued growth highlights the strength of the Texas economy and signals significant opportunities for Texans in the Lone Star State.
Trade, transportation and utilities gained 18,200 jobs in February while leisure and hospitality added 17,400 positions. Additionally, professional and business services grew by 16,800 jobs.
The overall U.S. economy is now just 1.6 million jobs -- or 1% -- short of where it was in February 2020, before the pandemic hit. That means the country is on pace to bounce back from the pandemic recession almost eight years faster than it took to recover from the Great Recession.