Texas unemployment insurance claims fall

First-time claims for unemployment insurance fell sharply in Texas and the nation lastweek, the Labor Department reported Thursday.

Claims in Texas fell by more than 11,000 or about 25 percent from the previous week to fewer than 34,000, the lowest level since the pandemic began.

Nationally, claims fell by 40,000 to 751,000, also the lowest level since the beginning of the pandemic.

The declines suggest layoffs are easing despite the recent surge in coronavirus infections.

Industries that initially were struggling in Texas are growing again, but at a slower pace. Retail sales in in Texas slowed significantly in October, a survey by the Federal Reserve Bank of Dallas found. Only about 8 percent of retailers in the survey said they plan to hire more workers, while 10 percent said they would cut jobs.

In the manufacturing sector, the job outlook was more optimistic. About 20 percent of manufacturers surveyed said they intended to increase their workforce, while 69 percent said they intended to maintain current levels.

Even though jobs seem to be rebounding in the quarter, it should be considered in the context of the full year, said Mark Hamrick, senior economic analyst for personal finance website Bankrate said. Employment is likely to contract this year.

“There are still some 22.6 million individuals receiving some form of unemployment compensation in the latest week,” Hamrick said, “enough to fill a major American city, some of whom are trying to provide for familymembers.”