Sluggish Job Growth Puts Downward Pressure on Index

The San Antonio Business-Cycle Index in August 2018 expanded at a 1.7% annualized rate, down from July 2018’s 2.1% and below the 2.9% long-term average. According to the Federal Reserve Bank of Dallas, anemic job growth was a main reason for the drop.

San Antonio jobs declined at a 0.4% annualized rate from June-August, and year-to-date growth was also at 0.4%. Professional and Business Services took the hardest hit. Leisure and Hospitality continued shedding jobs, and “manufacturing saw a notable decline after growth earlier in the year,” the Dallas Fed analysts said.

The median home price was $225,318, a year-over-year increase of 3.8%. Home inventories remained flat at 3.3 months’ supply, below the six months needed for a balanced market.

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