Houston’s Teen Unemployment and Employment Rates Lag National Average in Latest Jobs Report, Expert Says It’s Not All Bad

HOUSTON, Texas (KTRK) — The latest national jobs report shows solid numbers, but they’re still not great for any particular group, and those numbers could mean it costs you more to borrow money.

Unemployment in Houston may be higher than the national average, but that’s not necessarily bad news

Over the past two and a half years, the national unemployment rate has been 4% or less. This statistic continued Friday with the latest jobs report.

The federal government said the labor market had not seen such a situation in more than 50 years. Locally, it’s a different story.

The unemployment rate was above 4% for much of last year. Economists believe this could be because sectors like oil and gas are doing better.

They say that although the rate has recently been higher than the rest of the country, there is no need to worry.

“It could be because a lot of people are coming to Texas and looking for jobs,” said Jorge Barro, founder of Fiscal Insights. “It may seem counterintuitive, but it might just be a sign of the economic growth and opportunity we have in the state of Texas.”

Here are the industries hiring the most, both locally and across the country.

The latest state employment report shows government jobs are on the rise. The same goes for construction jobs.

The mining and forestry sectors, which include oil and gas, are also doing well. Finally, private education creates many jobs.

At the national level, it is different. Jobs in the healthcare and government sectors topped the latest report.

Leisure, hospitality and professional services are also doing well, if not too well.

With job numbers and the cost of goods remaining high, economists say the cost of borrowing may not go down anytime soon.

“I think the Federal Reserve will interpret this as an opportunity to keep interest rates higher and a reason to believe that the economy might be running a little faster than would be consistent with a lower inflation rate. ” Barro said.

Now this mainly concerns new purchases. If you already own a home or car, unless your rate changes, you’re probably stuck. When it comes to the local unemployment rate, let’s show how some areas are doing.

The high point of unemployment is in Baytown and Pasadena. Houston is right in the middle.

The lowest unemployment rates are in Friendswood and Pearland.

Teen unemployment rate remains high as school ends for summer

However, teenagers continue to have a high unemployment rate. The latest report shows that this figure is around 12%.

For white teens, it’s about 11 percent. For black teens, that figure is closer to 14 percent.

Even though school is out, that doesn’t mean it’s too late for summer jobs. Workforce Solutions has an $8 million grant to help teens land paid internships.

“A lot of times we learn things in the classroom, but you’re actually able to apply those facts and that knowledge, you have a job and you apply it in the real world,” said Juliet Stipeche, general manager of Workforce Solutions. “Then you can meet new people. You can explore new parts of the city. You can have money in your wallet.”

If you are interested in learning more about the paid internship program, you can visit any Workforce Solutions location or contact the ABC13 hotline powered by Workforce Solutions at 713-243-6663.

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