August 30, 2019
Tight labor markets, low unemployment rates and tepid job growth highlighted the San Antonio economy in July 2019, according to figures released by the Federal Reserve Bank of Dallas. The Dallas Fed’s San Antonio Business-Cycle index clocked in at an annualized 2.5% rate in July, below the long-term trend of 2.9%.
The first-quarter benchmark job-growth adjustment, released in mid-August 2019, demonstrated a significant downward revision, from 3.1% to -1.5%. However, according to the Dallas Fed, “recent data show continued job growth in the San Antonio metro area.” Payrolls expanded at a 1.4% annualized rate in the three months ending in July 2019. Hourly wages also increased during the same period.
Meanwhile, on the housing front, the median sales price increased to $232,011, with home sales through July increasing 3.1% year over year. Inventory in the metro remained at 3.6 months of supply, below the six months considered a balanced market.
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