San Antonio Unemployment Low, Job Growth Cools

The San Antonio unemployment rate continued low at at 3.4% in January 2018, according to metrics released by the Federal Reserve Bank of Dallas. However, job growth in the metro has cooled in recent months, with jobs increasing only at a 1.6% annualized rate over a three-month period, through January. Slowing job growth, combined with a slippage in wages, pushed the San Antonio Business-Cycle Index to 3.7%, similar to December 2017’s rate, and above the 3.1% long-term rate.

The Dallas Fed pointed out that average hourly wages in San Antonio’s private sector “fell modestly at the end of last year to $23.07 per hour.” When it came to housing, affordability held steady in Q4 2017, though the January median sales price reached an all-time high of $221, 902, while the inventory of existing homes fell to 3.3 months’ supply.

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