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US DATA: Texas Accounted For More Than Half Of Payrolls Growth In August

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America

The state-wide payrolls data were mixed for August, with fewer states seeing declines on the month but a significant share of the disappointing 142k increase for national payrolls coming from Texas. 

  • The share of states seeing negative monthly payrolls growth fell to 17% in August from its lowest in three months after 24% in July and 19% in June.
  • The data can be noisy from month-to-month but whilst a three-month average has increased to 20%, it’s not particularly elevated historically (for example, it averaged 15% through 2019).
  • By specific state, Texas nonfarm payrolls jumped 78k for more than half the national seasonally adjusted increase in August. It follows a weak patch including a Hurricane Beryl-driven -20k in July as well as more puzzling -9k in June.  
  • Rounding out the other major states and California, Florida and New York all saw below-trend growth – see table. The four states combined account for approximately one third of national payrolls. 
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The state-wide payrolls data were mixed for August, with fewer states seeing declines on the month but a significant share of the disappointing 142k increase for national payrolls coming from Texas. 

  • The share of states seeing negative monthly payrolls growth fell to 17% in August from its lowest in three months after 24% in July and 19% in June.
  • The data can be noisy from month-to-month but whilst a three-month average has increased to 20%, it’s not particularly elevated historically (for example, it averaged 15% through 2019).
  • By specific state, Texas nonfarm payrolls jumped 78k for more than half the national seasonally adjusted increase in August. It follows a weak patch including a Hurricane Beryl-driven -20k in July as well as more puzzling -9k in June.  
  • Rounding out the other major states and California, Florida and New York all saw below-trend growth – see table. The four states combined account for approximately one third of national payrolls.