By The Numbers is a monthly series looking at job growth and unemployment in the area. For more information about economic indicators in Fort Worth and Tarrant County, click here.
The Fort Worth-Arlington area added 3,200 jobs in June, according to the latest Texas Workforce Commission data. That’s a 0.3% increase compared to last month.
The job numbers follow a statewide trend of job growth. Texas had the largest month-over-month job gain this year in June, adding 82,500 total nonfarm jobs, according to the commission’s latest data. The Texas unemployment rate in June was 4.1% — down from 4.2% in May. In Fort Worth, the unemployment rate rose to 3.4% in May, according to the Bureau of Labor Statistics.
“The Texas civilian labor force is more than 14.5 million people – that’s a lot of Texans willing to work in the many career options available in our state,” said Julian Alvarez, workforce commissioner representing labor.
Colby Waldrop, the district manager for the temporary staffing agency, Cornerstone Staffing, describes the job market as very strong. The biggest layoffs, he said, have been in the tech startup and mortgage industries. Still, demand for workers is high, he said.
“There’s still a huge (staffing) shortage just across the board,” Waldrop said. “In most every industry, other than maybe mortgage or real estate, that’s kind of taking a hit right now.”
The trend of temporary to permanent hiring is growing, he said. One reason for the trend might be because the company can evaluate performance before hiring full time.
Inflation, along with labor and supply shortages, is continuing to put pressure on the economy. The Federal Reserve is expected to raise interest rates again this month to tame inflation, which will make borrowing more expensive.
In the DFW area, the Consumer Price Index for April and May was higher than the national average, according to the Bureau of Labor Statistics.
The highest increases were in food and gas, said Julie Percival, regional economist for the Dallas regional office at the Bureau of Labor Statistics.
Relief might be in sight, she said, based on the most recent Producer Price Index data, the index that tracks what producers pay for goods. The index is something economists look to as a precursor or leading indicator. Some of the indexes have been declining, she said.
“Although it could be that the cost of imports have gone down because of the strength of the dollar right now,” Percival said. “That’s generally what you see when you see a strong dollar, is that the cost of imports become a lot cheaper. So that’s not surprising, but that can really help with the cost of other inputs to goods.”
Seth Bodine is a business and economic development reporter for the Fort Worth Report. Contact him at seth.bodine@fortworthreport.org and follow on Twitter at @sbodine120.