Unemployment Decline Across Texas, But Will It Be Significant Enough Later

Although low oil prices have knocked the Texas economy, unemployment rates have declined in 9 of the 25 metropolitan areas. Dallas, Austin, San Antonio, and El Paso are amongst the nine metropolitan areas that experienced this particular decline in the month of November. But, statewide the unemployment rate has increased by 0.2% from October’s 4.4%. Hiring was slow across the state for the year. It has been credited that the service sector, health care and leisure/hospitality sectors in particular, has kept the Texas economy from going through a recession, even with the weaknesses brought by the energy and manufacturing industries. Nationwide more than 300 metropolitan areas saw a decline in unemployment rates, 11 metropolitan areas saw steady unemployment rates, and 54 metropolitan areas dealt with an increase in unemployment rates.

This decline in unemployment is a positive factor in our recovering economy for 2015. Following the financial crisis experienced in 2008, this is a refreshing prospect that no matter how temporary still portrays what the future of our economy appears to be. There is still an unidentified problem within these decreasing rates. Are the jobs being created providing an income that is livable? Are these jobs significant in the long run or will these jobs be cut later on due to insignificance? Although it is a major step in reviving our economy, not providing a steady income for thousands will do nothing but steady or possibly increase homelessness rates. Seeing that multiple Texas metropolitan areas are experiencing a decline in unemployment rates prove the possibility of a statewide decline in joblessness, maybe even nationwide. I am glad to see these rates decline, but if the jobs are not significant enough to last a few years that leaves thousands of Americans vulnerable to joblessness in the future. We cannot short change ourselves by providing meager jobs that temporarily support our economy. We must establish jobs that will be manageable and lasting in our economy. As we enter 2016, all economic sectors must take into account the stability of our economy depends upon the stability of our jobs and the income we make. Money is what we as humans survive and thrive upon, and a lack thereof is detrimental for more than an individual. With that being said, the jobs we create need to help individuals maintain some sort of stability.