Texas Unemployment Report: March 2020

Today, the U.S. Bureau of Labor Statistics reported national and states unemployment rates.

 

Over the last 12-months, Texas has mostly kept pace with the U.S. average, but is now starting to show signs of increased velocity. The national unemployment rate rose by 0.9 percentage point since February to 4.4 percent and was 0.6 of a point higher than in March 2019.

 

Texas comparatively saw a 1.2 percentage point increase from February 2020 which happened to be the same increase when compared to March 2019.

 

Texas 2020 2019
March 4.7% 3.5%
February 3.5% 3.8%

 

United States 2020 2019
March 4.4% 3.5%
February 3.8% 3.8%

 

Overall, 23 states had jobless rate increases from a year earlier, 3 states had decreases, and 24 states and the District had little or no change.

 

At 4.7%, Texas ranks 36th amongst the 50 states and the District of Columbia for the lowest unemployment rate. The states the with lowest rate include: North Dakota- 2.2%; Hawaii - 2.6%, Idaho - 2.6%; New Hampshire - 2.6%; and South Carolina - 2.6%.

 

Conversely, the District of Columbia, Pennsylvania, West Virginia, Nevada and Louisiana saw the highest numbers, reporting rates at or greater than 6.0%

 

All of these rates predate April job loss claims, and overall unemployment is expected to increase nationally. A silver lining could lie in the fact that Texas had the largest year-over-year job gains, adding more than 250,900. California and Florida saw year-over-year job gains as well, adding more than 150,400 and 126,000 jobs respectively.

 

See below for the full list of states and unemployment rates:

Rank State March 2020(P) Rate
1 North Dakota 2.2%
2 Hawaii 2.6%
2 Idaho 2.6%
2 New Hampshire 2.6%
2 South Carolina 2.6%
6 Massachusetts 2.9%
7 Kansas 3.1%
7 Minnesota 3.1%
7 Oklahoma 3.1%
10 Indiana 3.2%
10 Maine 3.2%
10 Vermont 3.2%
13 Maryland 3.3%
13 Oregon 3.3%
13 South Dakota 3.3%
13 Virginia 3.3%
17 Wisconsin 3.4%
18 Alabama 3.5%
18 Montana 3.5%
18 Tennessee 3.5%
21 Utah 3.6%
22 Connecticut 3.7%
22 Iowa 3.7%
22 Wyoming 3.7%
25 New Jersey 3.8%
26 Michigan 4.1%
27 Georgia 4.2%
27 Nebraska 4.2%
29 Florida 4.3%
30 North Carolina 4.4%
31 Colorado 4.5%
31 Missouri 4.5%
31 New York 4.5%
34 Illinois 4.6%
34 Rhode Island 4.6%
36 Texas 4.7%
37 Arkansas 4.8%
38 Delaware 5.1%
38 Washington 5.1%
40 California 5.3%
40 Mississippi 5.3%
42 Arizona 5.5%
42 Ohio 5.5%
44 Alaska 5.6%
45 Kentucky 5.8%
46 New Mexico 5.9%
47 District of Columbia 6.0%
47 Pennsylvania 6.0%
49 West Virginia 6.1%
50 Nevada 6.3%
51 Louisiana 6.9%
Footnotes (p) Preliminary
Note: Rates shown are a percentage of the labor force. Data refer to place of residence. Estimates for the current month are subject to revision the following month.

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By now, your Landlord should have provided your 2020 year-end Additional Rent reconciliation statement, as well as their 2021 estimates, and odds are, it is not what you expected. Understanding your rights as a Tenant versus what the Landlord is able to chargeback is paramount. A thorough Lease Audit can create both immediate and future savings by ensuring the Landlord does not repeat prior practices that cannot be justified. This means real savings that stay with you – where they belong.