San Antonio Business-Cycle Index Continues Above LTA

The San Antonio Business-Cycle Index — the Federal Reserve Bank of Dallas’ broad measure of economic activity in the metro — expanded at an annualized rate of 3.8% in September 2019. The metric was well above the index’s long-term average of 2.9%. Dallas Fed analysts noted that strength in the index resulted from healthier job growth, lower unemployment rates and increased retail sales, “which together suggest a hearty expansion in the regional economy.”

Unemployment ticked down to 3% in September, while job growth stood at an annual rate of 4.6% during Q3 2019. Construction jobs led expansion, while the leisure and hospitality sector experienced substantial growth, as well. Wages also continued to climb.

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