The Austin metro’s unemployment rate fell to 3.8% in August

By Kathryn Hardison  –  Staff Writer, Austin Business Journal

Last month’s unemployment rate clocked in at a non-seasonally adjusted 3.8%, according to data from the Texas Workforce Commission and the U.S. Bureau of Labor Statistics. That rate was last seen in March 2020 when the pandemic first began, though the full impact of the pandemic’s grip wasn’t fully seen until April 2020 when the rate reached a non-seasonally adjusted 11.8%, according to the data. That means the metro is on the verge of pre-pandemic employment levels.

As the local unemployment rate continues to drop, that indicates the economy is able to produce more jobs to meet the demands of those looking for work. That represents a shift in market control to the job seekers who have a wider net of opportunities. It also plays into the expectation that we’re in what some call The Great Resignation, where employees feel confident enough in the job market to make a job switch.