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El Paso Economy Continues Rebound from Historic Contraction
The El Paso economy continued its partial recovery in June after experiencing historic contractions due to the COVID-19 pandemic, the Dallas Fed reported this week.
Despite monthly improvements, the Fed said the El Paso Business-Cycle Index, employment and the unemployment rate for June hadn’t recovered to pre-COVID levels seen in February.
Consumer spending in El Paso County also improved in June, but growth was slightly behind spending statewide. After nosediving in April, international bridge traffic volume was expected to increase. Industrial and manufacturing conditions on both sides of the border improved on a monthly basis but were still depressed year-over-year.
The El Paso Business-Cycle Index ticked up from 125.7 in May to 133.2 in June thanks to monthly labor market gains. However, it was still well below February’s pre-COVID level of 146.2. Over the four-month period ending in June, the index dropped 24.3% on an annualized basis.
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- ◦Economy
