AUSTIN, Texas — Austin’s private employees dropped wages but the amount of jobs grew in the Outlook for the Texas Economy report released Dec. 15.
The Texas Real Estate Research Center at Texas A&M University issues the report. In it, recession uncertainties and rising inflation were noted concerns.
“Texas' labor market has continued to expand, although at a suppressed rate. Initial unemployment claims surged as economic conditions loom and employers attempt to cut costs. Furthermore, nominal wage increases were not near enough to offset inflation, leading to continued wage slides for October,” the report shows.
The data showed Austin’s private month-to-month earnings fell $0.40. The average private hourly earnings was $32.87.
The amount of jobs rose. Employers added 49,500 jobs in October. Austin made up 2,000 of that.
Of the new Texas jobs, 5,300 were in the goods-producing sector. The service-providing sector grew 44,300 workers, the report shows.
“Retail activity declined in October as consumers' appetite for big purchases diminished with the current economic conditions. The sales index increased by 10 points but remained negative, indicating inventory increased but is still not where it needs to be,” the report states.
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