Houston unemployment rate increases

The unemployment rate in Houston rose during May.According to a report from the Texas Workforce Commission, Houston was unable to continued its recent success in terms of job creation.The commission's report revealed that the unemployment rate in the metropolitan region increased to 8.2 percent during May, which is slightly higher than April's total. The seasonally adjusted rate, however, stayed stagnant at 8 percent.Overall, Houston added 45,000 jobs during the last 12 months – a gain of 1.8 percent. In January, though, the year-over-year figures were 2.3 percent higher, as employers had added 56,000 jobs. The latest report is a clear indication that employers have slowed on their hiring processes.”It's very consistent with the national pattern,” Barton Smith, professor emeritus of economics at the University of Houston, told the Houston Chronicle.The weaker job market could now directly affect the region's real estate sector. As fewer jobs are available for workers in the area, the number of available Houston properties could increase and lower the value of those already on the market.Also troubling for the region was a recent merger between United and Continental Airlines that resulted in the loss of nearly 1,500 positions in the Houston region.Courtesy of 2M Realty News?

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