Unemployment Rate Declines, Job Growth Accelerates

The San Antonio economy expanded at a stable rate in February 2019, according to data issued by the Federal Reserve Bank of Dallas. The report noted that the unemployment rate fell to 3.4% in the month, below the state and national rates of 3.8%. In the meantime, job growth clocked in at an annualized rate of 2.1% during the three months ending in February.

During that three-month period, construction led all sectors at an annualized rate of 15%, followed by leisure and hospitality, mining, government and information industries. Areas of decline included manufacturing, and the trade, transportation and utilities sector.

Single-family home construction permits declined sharply in January 2019. The three-month average for the San Antonio series dropped to its lowest level since September 2016, the Dallas Fed noted.

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