El Paso Business Cycle Index expands by 3.2%

The El Paso Business Cycle Index expanded in May 2019, increasing by an annualized 3.2%. The metric was stronger than April’s 2.3% gain, with the Federal Reserve Bank of Dallas noting that labor-market gains and increases in wages and retail sales were the main reasons behind the higher number.

On the labor side, unemployment was at 3.5%, its lowest level since 1990, when the series first began. During the first five months of 2019, area payrolls expanded by 2%, annually.

Meanwhile, in housing, existing home sales increased by 3.7% year over year, while inventories continue declining. In May 2019, the inventory stood at 3.4%, below the six months considered a balanced market.

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