Austin’s Unemployment Rate Drops to the Lowest Level of 2018
Austin’s unemployment rate recently dropped to its lowest 2018 level at 2.7 percent. The impressive local economy allows people to find jobs as fast as they are entering the workforce.
From September to October, 4,600 new workers entered the region, and in November the unemployment rate only increased more.
However, the strong demand for more workers and a “stretched” labor market will put strain on local businesses. The pressure for them to increase pay among a competitive job market, may prove problematic for some businesses.
“The Austin region’s tight labor market is indicative of the area’s strong economy and its desirability as a place to live and work. Still, (Robert Phipps) said, it’s “a danger sign” as well, because “extraordinarily low unemployment is nonsustainable by definition,” and ultimately leads to wage pressure and inflation that slow economic growth.”
For a more detailed analysis of job sectors and employment, reference the original article.Posted on Monday, January 28, 2019