What changes are being made to the way unemployment rates are calculated for Texas?
The Labor Market & Career Information Department (LMCI) of the Texas Workforce Commission produces labor force estimates each month using methods mandated by the U.S. Bureau of Labor Statistics (BLS). The BLS is implementing a redesigned method for producing labor force estimates beginning with the January 2005 estimates that are scheduled for release on March 10, 2005. The redesigned method includes an improved time-series regression model as well as real-time benchmarking. Real-time benchmarking to the national Current Population Survey (CPS) will ensure that estimates of employment and unemployment for the states add to the national totals. In addition to reducing end-of-year revisions, it also means that major economic events will be reflected in a more timely manner in the state estimates. Another change includes the use of more geographically precise unemployment claims data. Under this new system, the LMCI Department is able to better pinpoint the locations of the unemployed. We
