November 1, 2018
The San Antonio Business-Cycle Index reportedly grew at a 2.2% annualized rate in September 2018, a slight increase from the 1.8% reported in August, but below its long-term average of 2.9%. According to metrics released by the Federal Reserve Bank of Dallas, job growth stood at 0.6% year-to-date (through September), while the unemployment rate of 3.3% was unchanged from August.
While job growth was fairly flat, hourly wages increased to its highest level since 2007. Wages year to date grew at a 5.2% annualized rate.
On the real estate side, home inventories continued low, at 3.3 months’ supply, though single-family home construction permits increased 12% year over year. Three-month averages were at their highest levels since 2007, Dallas Fed analysts noted.
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