The Austin metro area's unemployment rate fell slightly in September, putting it back below 3% for the first time in four months, according to figures released Friday by the Texas Workforce Commission that haven't been adjusted for seasonal factors.

Here are some key takeaways from the latest unemployment numbers:

Economists say if you want a job, you probably have one

A 2.8% unemployment rate is at a level widely considered "full employment." That means it's a great time for anyone looking to change jobs in the Austin metro area, or for people moving to the region to find work.

"Just ask any employer and they will tell it's really tough to hire all the people they need," said Jason Schenker, president of Austin-based Prestige Economics. "Employers are desperate to fill roles."

More:Austin's economy among fastest-growing in the U.S., new report finds

While it's no doubt cold comfort for local businesses, the extremely tight labor market is an issue they're accustomed to dealing with.

The unemployment rate in the Austin metro area has been below 3.5% for a year now, reaching a pandemic-era low of 2.5% in April. It ticked up to 3.1% in June and July before slipping to 3% in August.

A laggard is now a leader

The region's renowned leisure and hospitality sector was hit hard in the early months of the coronavirus pandemic and was the slowest segment of the local economy to recover.

It's roaring back now, however.

Austin-area leisure and hospitality businesses, including hotels, restaurants and performance venues, have hired 18,900 employees in the past 12 months — making it the top local sector for job growth in that period.

A total of 142,800 people now work in the sector, according to the latest figures, nearly 10,000 more than just the before the pandemic hammered the economy in early 2020. Local hospitality-related businesses shed about 60,000 jobs in the initial weeks of the pandemic.

More:Cooling trend in Austin housing market means more leverage for buyers

Impact of housing slowdown?

The once red-hot housing market in the Austin metro area, which includes Travis, Williamson, Hays, Bastrop and Caldwell counties, clearly has been cooling, with home sales falling in recent months compared to the same periods last year.

But the evidence is mixed on whether the trend is translating into a downturn in the type of jobs that serve the market for new homebuilding.

Local employment in the sector that includes construction added 1,600 jobs in September, although it remains down from the same month a year ago after shedding about 1,200 jobs in August. Meanwhile, jobs for specialty trade contractors — many of whom work at construction sites — climbed by 400 last month and are up by 600 over the past year.

Still, Schenker said the local construction sector is likely to soften eventually, a byproduct of ongoing moves by the U.S. Federal Reserve to raise interest rates. That's because higher interest rates increase the cost of borrowing money to fund new projects, he said.

"There might be a lag," Schenker said. "But in a few months we could see a slowdown" both in residential and commercial construction, which would be reflected in employment in the construction sector.

Local employment near record

A total of 1.317 million people were working in the Austin metro area last month, just off the record of 1.319 million set in March. A decade ago, the figure was about 937,000.

The increase in the job numbers has corresponded to the region's swift population growth. The Austin metro area's population has grown from about 1.8 million in 2012 to about 2.4 million today, according to data from the U.S. Census Bureau.

A number of major employers like Apple and Amazon have added to their operations in Austin during that time, and tech giants Tesla and Oracle moved their headquarters to Austin in recent years.

This article originally appeared on Austin American-Statesman: Austin's jobless rate ticks down again: What you need to know