April 9, 2019
February metrics for the El Paso economy pointed to employment contraction, a dip in existing-home sales and continued steady trade. According to the Federal Reserve Bank of Dallas, these numbers meant the El Paso Business-Cycle Index edged up an annualized 0.4% in February, below January’s 1.4% increase. The analysts noted that slower index gains could be attributed to a softer labor market.
While jobs contracted an annualized 1.8%, job gains year to date were positive at an annualized 1.2%. “Year to date,” the analysts noted, “most major sectors added jobs.” Trade through the port was $81.9 billion in 2018, a 5.1% increase from the $77.9 billion reported in 2017. Gains in total trade were impacted by increasing imports and exports.
Meanwhile, housing sales slowed in February to an annualized 8,481, down from the peak of 8,788 reported in September 2019. The median home price was $156,496, up 2.1% over February 2018.
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