Job Growth Boosts El Paso Business-Cycle Index by 5.5%

The El Paso Business-Cycle Index posted an annualized gain of 5.5% in December, 2019. The increase was due to slight job growth and a continued low unemployment rate, according to research from the Federal Reserve Bank of Dallas.

Payrolls expanded by 1.1% in 2019, which was below 2018’s annualized growth of 1.8%. The Dallas Fed indicated that job losses in trade and transportation, and “relatively anemic growth in the leisure and hospitality and professional and business services sectors,” impacted growth. Meanwhile, government and education and health services added jobs. The unemployment rate remained at 3.7%.

Home sales totaled an annualized 8,663 units in December, up 2.1% from November. Median home prices hit a 15-year high at $165,612.

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