Payroll Expansion Boosts El Paso Business-Cycle Index

The El Paso Business-Cycle Index expanded at a 2.9% annualized rate in October 2018. According to analysts at the Federal Reserve Bank of Dallas, the index’s increase was attributed to payroll expansion.

On a year-to-date basis, El Paso payrolls grew at an annualized rate of 1.8%, which translates to the addition of more than 4,800 new jobs. The strongest growth was found in leisure and hospitality, and professional and business services.

Existing home sales reached close to an all-time high, with October sales totaling 8,702, or 9.7% above year-ago levels. The home inventories stood at 4.4 months, below the six months’ supply typically associated with a balanced market. Dallas Fed analysts also pointed out that home affordability in El Paso (62.6%) during Q3 2018 was higher than that of the national average (56.4%).

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