Monday, May 25, 2009

Texas Unemployment Rate Holds 6.7%

The unemployment rate in Texas has held a steady 6.7% since March of 2009. While under the national average of around 8% Texas Unemployment is a serious issue affecting all citizens. One of the major factors impacting employment in Texas is the lower price of oil. When oil is over $100 per barrel parts of Texas boom and employment is easy to find. When oil drops below $60 per barrel the Texas Employment Commission keeps very busy as citizens of Texas look for work anywhere they can find it. Another factor that drives increases and decreases in Texas employment figures are the large corporations that base their G&A resources in cities like Dallas and Plano Texas due to the lower cost of living. This enables them to keep corproate headquarters in more expensive locations like California or New York but keep the IT and Financial folks in Texas to keep costs low. Unfortunately these G&A positions are often elimiated when the economy slows down adding to unemployment figures.