The latest jobless numbers are finally heading in the right direction.
The number of American workers filing initial unemployment claims are down for the first time in four weeks. A sign the economy may be recovering from Omicron-related disruptions. The Labor Department tallied 260,000 claims, which was lower by 30,000 compared to the previous week. Bankrate's Mark Hamrick says Texas continues to fare better than many other states.
“We know that a lot of people have been moving to Texas. In part, because of lower tax costs, lower costs of living in some communities,” Hamrick said. “That means that we have a very positive dynamic in place.”
He adds the Lone Star State has been able to weather the economic downturn more effectively.
“Texas has a remarkably dynamic economy,” Hamrick explained. “More diversified than it was some decades ago, and obviously one thing that’s been very helpful is the unexpected increase in oil prices.”
Oil rose to $90 a barrel on Wednesday for the first time in seven years. The statewide unemployment rate is about 5%. The Houston area rate is even lower at 4.8%.