August 31, 2016
Though San Antonio’s economic activity slowed in July, private-sector wages picked up, according to information released by the Federal Reserve Bank of Dallas. The Fed reported that the San Antonio Business-Cycle Index continued a steady slowdown in July, based on a 3.9% employment decline.
The July unemployment rate stood at 3.8%, while job growth declined at an 0.6% annualized rate for the three months through July. The main culprit for the sluggishness was a decline in manufacturing and mining jobs.
On the positive side, the five-month moving average for wages increased by 6.6% year over year. According to the Dallas Fed, industries paying above-average wages in San Antonio, such as scientific, healthcare services and construction, continued growing at a good pace.
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