Houston set to end year with record employment as scorching labor market cools
Shoppers in the Galleria Mall on Black Friday, the official start of the holiday shopping season, Friday, Nov. 25, 2022 in Houston, TX.The Houston region is set to end the year with record employment, adding nearly 10,000 jobs in November to nudge total employment across the region above 3.4 million and the unemployment rate lower.
In some ways, he suggested, that would be a good thing, as the labor market is currently"extremely tight" and"out of balance." Large-scale layoffs are not likely, he said, even as GDP growth slows and many economists expect a recession next year."The reports we get from the field are that companies are very reluctant to lay people off, other than the tech companies, which is, you know, a story unto itself," Powell said.
Jankowski's baseline forecast calls for Houston to add approximately 60,000 jobs in 2023, about half of this year's gains.
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