August 23, 2019
The Odessa (TX) Economic Index in May 2019 increased to 268.1, up from April 2019’s 267.9. On a year-over-year basis, the OEI increased 9.2% from May 2018’s 245.2, the first single-digit year-over-year growth rate since August 2017. According to economist Karr Ingham, “the May table of economic indicators is peppered with negatives.”
The negatives, he noted, included monthly and annual auto spending, hotel/motel revenue, construction and home sales. While the numbers were, in most cases, compared to those from the year before, “it points to the fact that the extraordinary and unprecedented rates of growth appear to be coming to an end,” Ingham noted.
The May 2019 payroll employment estimate increased by an estimated 2.2% from the year before, however, Ingham said that the May 2018 year-over-year employment growth rate had topped 11%. Still, the unemployment rate was at 2.1% in May 2019, compared to the 2.5% reported in May 2018.
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