El Paso Business-Cycle Picks Up, Following Decline

The El Paso Business-Cycle Index increased by an annual 1.6% in August 2019, following declines in June and July. Still, even as August employment increased by 4% year over year, the housing market was sluggish while trade volumes dropped, according to information released by the Federal Reserve Bank of Dallas.

Since the beginning of 2019, payroll grew at a 0,9% annual rate, with the education and health services sector reporting the highest year-to-date employment gains. The unemployment rate was 3.8% in August.
Meanwhile, the Housing market came off a weak summer sales season, with existing-home sales declining by 4.2% year to date, on an annualized basis. Housing inventory stood at 3.6 months, below the six months required for a balanced market.

Annualized trade totaled $80.2 billion in July, a 5.4% drop from the $84.7 billion reported a year earlier. The Dallas Fed analysts indicated reduced imports and exports were behind the trade volume drop.

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