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Unemployment insurance is funded by both federal and state payroll taxes. In most states, employers pay state and federal unemployment taxes if: (1) they paid wages to employees totaling $1,500 or more in any quarter of a calendar year, or (2) they had at least one employee during any day of a week for 20 or more weeks in a calendar year, regardless of whether those weeks were consecutive.
Unemployment rates historically are lower for those groups with higher levels of education. For example, in May 2016 the unemployment rate for workers over 25 years of age was 2.5% for college graduates, 5.1% for those with a high school diploma, and 7.1% for those without a high school diploma.
For nearly two years, Texas has led the country in job growth, most recently adding more than 400,000 new jobs between August 2022 and 2023, according to a Department of Labor Statistics report ...
Texas counties by GDP in 2021 (chained 2012 US$) The economy of the State of Texas is the second largest by GDP in the United States after that of California. It has a gross state product of $2.694 trillion as of 2023. [7] In 2022, Texas led the nation with the most companies in the Fortune 500 with 53 in total. [8]
The state has yet to return to its pre-pandemic unemployment rate of about 3.5%, even as it leads the country in new jobs created. However, state economic experts say the unemployment rate is an ...
Though the unemployment rate is currently at a historical low, economists polled in Bankrate’s Economic Indicator survey predict that a recession could lead to a loss of jobs in the coming year ...
Whether to renew the lowered rates, and how, became the subject of extended political debate, which was resolved during the presidency of Barack Obama by a two-year extension that was part of a larger tax and economic package, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
The COVID-19 pandemic has brought initial unemployment claims to 38.6 million in just nine weeks, according to the latest data from the U.S. Department of Labor — shattering historic highs ...