29/08/2024 | Press release | Distributed by Public on 30/08/2024 02:34
August 29, 2024
DFW economy dashboard (July 2024) | |||
Job growth (annualized)
April-July '24 |
Unemployment rate |
Avg. hourly earnings |
Avg. hourly earnings growth y/y |
0.3%
|
3.8% | $35.14 | 1.0% |
The Dallas−Fort Worth economy continued to slow in July as employment fell, though average hourly earnings remain strong. As employment growth cools, so does the Dallas consumer price index (CPI). Spending, seen through retail sales tax collections, was little changed in July.
In July, DFW employment declined 0.9 percent annualized after contracting 1.3 percent annualized in June (Chart 1). While employment remained flat in Dallas from June to July, Fort Worth saw an annualized loss of 3.0 percent, contributing the most to the overall decline in the metropolitan statistical area.
In the last three months, the greatest employment losses have been in professional and business services (-2.9 percent), information (-2.0 percent) and education and healthcare (-1.8 percent). Finance (5.0 percent) and mining and construction (3.0 percent) saw significant gains in the same period, however.
While payroll employment was weak, DFW unemployment ticked down from 3.9 percent in June to 3.8 percent in July (Chart 2). Dallas stayed flat at 3.8 percent, while Fort Worth declined from 3.9 to 3.8 percent. The metro remains below the Texas jobless rate of 4.1 percent and the nation's rate of 4.3 percent, both of which saw upticks in July.
In July, DFW hourly earnings were $35.14 (with the three month moving average at $34.91), greater than both the state ($32.97) and the nation ($35.07) (Chart 3). However, year-over-year growth at the state (3.7 percent) and national (3.6 percent) levels continues to outpace the metro (1.0 percent), suggesting DFW's earnings growth may be comparatively slowing.
In July, DFW retail sales tax collections rose 0.4 percent month over month following a 0.9 percent decline in June. This is a reversal of the past quarter, when DFW grew more slowly than the rest of the state (Chart 4). Year over year, Fort Worth leads spending growth at 7.1 percent, though Dallas (3.5 percent) continues to grow much faster than the state (0.7 percent) as well.
The 12-month change in the Dallas CPI cooled from 4.9 percent headline (5.1 percent core) in June to 4.1 percent headline (4.3 percent core) in July (Chart 5). While year-over-year growth in food prices remained close to 2.0 percent for the third month, growth in shelter prices remain elevated at 6.8 percent in July. In comparison, U.S. CPI grew more slowly, at 2.9 percent headline (1.7 percent core), with food prices showing similar growth at 2.2 percent year over year.
NOTE: Data may not match previously published numbers due to revisions.
Questions or suggestions can be addressed to Laila Assanie at [email protected]. Dallas-Fort Worth Economic Indicators is published every month after state and metro employment data are released.