Industry News:
As we approach the final week of Q3, it’s time to delve into the latest economic updates. Let’s take a closer look at the state of the U.S. economy and what it means for your careers.

In August, the U.S. economy continued its path toward a soft landing, dispelling concerns of a crash-and-burn scenario. We added 187,000 jobs, maintaining an impressive monthly average of 236,000 new positions throughout the year. This steady growth stands in stark contrast to last year’s monthly average of 399,000 jobs and the extraordinary 606,000 jobs added per month in 2021. August’s performance closely mirrors that of 2019 when we averaged 163,000 new jobs monthly.

While the unemployment rate ticked up from 3.5% in July to 3.8% in August, it’s important to note that this increase is primarily due to more Americans actively seeking employment, not a surge in layoffs. In August alone, a remarkable 736,000 Americans entered the job market, marking the most significant surge since the beginning of this year.

A noteworthy development is the substantial decline in the number of job openings. In July, there were 8.8 million job vacancies, down from the peak of 12.0 million in March 2022. Additionally, “quits,” which refer to job hopping or voluntary separations, have fallen to the lowest levels seen since February 2021. This reduction in job openings and quits is expected to ease pressure on wages and inflation, resulting in a more balanced economic landscape.

Shifting our focus to Metro Houston:

Houston gained 6,500 private sector jobs in various fields.
Healthcare continues to grow, benefitting from the ongoing population expansion.
Construction remains strong with increased permit activity and more construction contract awards.
Finance, Insurance, Real Estate, Retail, and Wholesale Trade align with the region’s overall growth.
 

SEPTEMBER 2023 STATISTICS:
o National Unemployment Rate: 3.8
o Houston Unemployment Rate: 5.2 – last year4.3
o US Labor Participation Rate: 62.8% – All-time high January 2000: 67.3%
o Houston Manufacturing Index: 53.6 – ticking up again! 
o Oil Rig Count: 641  – All-time high around 1900 in 2012!
o Price of Oil: 90.16– All time high 147.27 – All time low 8.63

Stay tuned for more updates in Q4 as we navigate this ever-changing job market.