Texas lost its spot as the nation’s top job creator in January

When it wholesale nhl jerseys china comes to job growth, some Rust Belt states are gaining an edge on Texas amid the fallout from plunging oil prices.

In January, Texas lost its spot as the nation’s top job creator. The state ranked No. Bureau of Labor Statistics.

Texas vs. regional growth patterns, said Robert A. Dye, chief economist for Dallas based wholesale nhl jerseys Comerica Bank.

“In the last five years coming out of the Great Recession, the energy sector has driven growth in the oil producing states from Texas to Wyoming, and that’s where the bulk of new jobs have been generated,” Dye said. “Now, what we’ve been seeing is those oil producing states losing momentum and other states gaining momentum as they benefit from lower energy costs.”

Michigan, for example, recently has seen strong growth in manufacturing, gaining 5,000 jobs in January.

Bruce Weaver, an economic analyst for Michigan, attributes much of the state’s recent job growth to a strong recovery in the auto industry.

Last year, Ford Motor Co. spent $2 billion to retool a plant near Detroit to wholesale nfl jerseys make aluminum bodied F 150 pickup trucks. The company also has added 500 people to the more than 5,550 workers there.

“Auto sales are at such a high level that auto production and technical jobs that go along with the auto sector have kind of led the recovery in the state,” Weaver said. new car and truck sales rose 10 percent last year, according to Automotive News.

Longer term, Texas still ranks high. It was No. 2 in new jobs generated (392,900) for the 12 months through January. California posted the largest increase (498,000) for that 12 month period. Michigan added 98,300 jobs to rank eighth and Ohio ranked ninth with 97,800 new jobs.

Texas’ job growth rate of 3.5 percent for the year through January exceeded that of Michigan (2.4 percent) and Ohio (1.9 percent). The national average was 2.3 percent.

Texas and other top producing oil states have been hurt by a more than 60 percent drop in the price of crude oil since July. crude oil fell 42 cents to $43.46 a barrel, the lowest level since cheap jerseys March 2009.

As a result, oil related companies have announced tens of thousands of job cuts and reductions in capital spending.

In Texas, the oil industry lost 3,400 jobs in January the first monthly decline since October 2009. The impact of low oil prices also was seen in the 1,100 jobs lost in the “other services” industry and the lackluster 400 jobs created in construction, economists said.

Michael Wolf, a Wells Fargo economist, isn’t too worried about Texas.

“The glaring negative comes from the [energy] industry,” he said. “Is it just the beginning of worse to come with low oil prices staying low? I’m not sure. But there’s a lot more going on in Texas than just oil.”Articles Connexes?

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