The jobless rate is an important measurement tool used to gauge the number of individuals who are unemployed within the labor force. The unemployment rate is calculated on a national level, as well as on a state-level by the Bureau of Labor Statistics. The reason the unemployment rate is such an important number is because it is a direct reflection of how well or how poorly an economy is doing. The unemployment rate provides statistics so that economists and government officials can take a look at each business sector individually and assess reparations or improvements as necessary. Likewise, the rate impact local unemployment insurance programs. There are some economists who feel jobless rates are not the best way to measure the strength of the economy though, especially because of how the labor force is measured in entirety. For example, those who give up the job search or become students to help with employment down the road are no longer considered within the job force. This means that for those individuals who stop searching for a job or end up retiring, the jobless rate could potentially decrease, despite the fact that improvements have not been made or employment has not been acquired.
For the individuals wondering “What is the unemployment rate in Texas currently?” the answer is a hopeful one. As of May 2017, the unemployment rate in Texas dipped to 4.8 percent, down two-tenths of a percentage from April 2017. Although slightly higher than the national average of 4.3 percent, the unemployment rate in Texas does show huge progress in terms of economic growth for the state. The slip in the jobless rate is due largely in part to the 6,000 new jobs that were added within the energy sector and over 13,000 jobs added for unemployed workers in Texas in May.
However, despite the fact the unemployment rate in Texas is reflective of major improvements, there are still many people who find themselves struggling with unemployment. The good news is that Texas offers unemployment insurance benefits for those who are in need of temporary financial assistance. Qualified individuals should apply as long as they meet eligibility requirements set forth by the state.