Unemployment claims retake downward trend
COLLEGE STATION – As projected, initial jobless claims in Texas decreased to 45,700 the week ending March 6, retaking the downward trend observed before the winter storm froze the economy to a stop.
About 4.55 million unemployment claims have been filed since March 21, 2020, according to data from the U.S. Department of Labor (DOL).
Continuing unemployment claims increased to 325,300 the week ending Feb. 27.
"Increasing vaccination rates should lead to a faster recovery in the highly punished leisure and hospitality sector, possibly creating a wave of hiring that would allow thousands of laid-off workers to find jobs," said Texas Real Estate Research Center Research Economist Dr. Luis Torres.
The number of workers receiving benefits through the pandemic unemployment assistance program, which is open to gig workers and others who don’t typically receive benefits, fell the week ending March 6.
Last week, U.S. initial claims decreased to 712,300, bringing the 51-week total to 81.1 million.
More people in all of Texas’ major and border metros filed new unemployment claims the week ending Feb. 27 due to the effects of the winter storm.
Using data from the DOL and the Employment and Training Administration, the Center has estimated unemployment claims for Texas’ major and border metros since March 21:
Houston-The Woodlands-Sugar Land, 1.05 million claims;
Dallas-Fort Worth-Arlington, one million claims;
San Antonio-New Braunfels, 309,000 claims;
Austin-Round Rock, 259,100 claims;
McAllen-Edinburg-Mission, 126,800 claims;
El Paso, 108,500 claims;
Brownsville-Harlingen, 55,800 claims; and
Laredo, 31,600 claims.
Healthcare and social assistance registered the highest number of initial claims the week ending Feb. 27. That sector was followed by manufacturing, administrative/support/waste management/remediation services, construction, retail trade, and accommodation and food services.
The Texas Real Estate Research Center has a wealth of economic information online for free.
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