January 11, 2017
The Federal Reserve Bank of Dallas’ recent report about Austin noted that the metro’s Business-Cycle Index was at a 4.1% annualized rate. Though not bad, October’s figure stood at 4.4%. The Fed points to job growth averaging 3.1% since January 2015, and unemployment rate declining at less than one percentage point, calling both metrics “somewhat tame for Austin in periods of expansion.”
“Since the end of 2015, job growth in Austin has slowed sharply,” the Fed noted. The six-month annualized job growth rate in Austin (1.7%) fell below that of the state’s (2.1%).
Still, job growth in November did pick up to a 2.2% annualized rate, faster than that of Texas and the U.S., while the unemployment rate stood at 3%. Leisure and hospitality are enjoying good growth, while manufacturing and construction are experiencing sharp decreases.
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