November 14, 2016
The Federal Reserve Bank of Dallas’ September economic summary for the Austin metro was decidedly mixed. On the one hand, jobs declined slightly, while area unemployment moved up to 3.4%. On the other hand, the area’s 3.4% unemployment rate is near historic lows. Somewhat more concerning is that jobs grew at a 1% annualized rate during Q3 2016.
Balancing that out, however, was that growth in high-tech service jobs continued strong, while new-home construction permits (both single and multifamily) also picked up. Overall, the Austin Business-Cycle Index grew at a 2.4% annualized rate in September, with the Dallas Fed pointing out that average wage growth continued increasing.
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