Economic indicators released by the Federal Reserve Bank of Dallas show economic activity in San Antonio remaining moderate, as the San Antonio business-Cycle index remained flat at a 2.3% annualized rate.  The metric has been below its 3% long-term average rate of expansion since April.

The cause? Sluggish job growth at 1.6% annualized over a three-month period through October. Specifically, jobs in trade, transportation, utilities and professional services, dropped. Hiring in the health-care sector is also weak.

The news, however, was not all glum. Unemployment in October was 3.6%, dropping from September’s 3.9%. The labor force grew at a 2.1% annualized rate year-to-date, the fastest since 2010. And government hiring shot up, while manufacturing jobs are starting to pick up as well, after stagnating for the first part of the year.

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