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And while both Texas and the U.S. saw around 63.4% of people participating in the labor force before the pandemic, Texas’s labor force participation rate has recovered to 64.2% as of last month.
In April 2020, 138,000 Austin residents were without a job, reflecting a 12.2 percent unemployment rate; this was the highest unemployment rate recorded in the city since recordkeeping began in 1990; the previous highest was 7.8 percent in July 2009. Nearly half of the job losses between March and April 2020 were from bars, restaurants, and hotels.
In February 2020, at the start of the COVID-19 pandemic in the United States, there were 164.6 million civilians in the labor force. [2] Before the pandemic, the U.S. labor force had risen each year since 1960 with the exception of the period following the Great Recession, when it remained below 2008 levels from 2009 to 2011. [2]
The following year, the unemployment rate fell below 3.5% and a major spike in the repo market occurred, prompting fears of a recession. The expansion would end in March 2020 due to the novel coronavirus which caused a pandemic that resulted in the 2020 stock market crash. [18] April 2020-Dec 2024 128. TBD: TBD
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In 2003, prior to the significant expansion of subprime lending of 2004-2006, the unemployment rate was close to 6%. [52] The wider measure of unemployment ("U-6") which includes those employed part-time for economic reasons or marginally attached to the labor force rose from 8.4% pre-crisis to a peak of 17.1% in October 2009.
Here's a look at how weekly unemployment claims changed in Texas last week compared with the week prior.
Moreover, the jobless recovery of the 2001 recession, coupled with the severe economic impact of the 2007–2009 recession, caused disruptions in the labor market. In the first 12 years of the 21st century, the growth of the population has slowed and labor force participation rates generally have declined.