December 12, 2019
Austin’s employment rate remained at 2.7% in October 2019, unchanged since July 2019, and remaining near historic lows, with an annualized job growth of 2.5% from August-October. While the Federal Reserve Bank of Dallas’ Austin Business-Cycle Index showed continued expansion in the economy, Fed analysts pointed out that moderation in the index was likely due to a tight labor market. The index grew 6.3% on an annualized basis, slightly above its long-term trend of 6.2%, but the lowest rate since December 2016.
Overall, Austin added a net 6,900 jobs over the three-month period, with the construction sector expanding by 1,279 net jobs. Leisure and hospitality added 1,555 jobs; government increased by 1,780 jobs, and professional and business services increased by 1,700 jobs.
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