Federal Reserve Bank of Dallas
Federal Reserve Bank of Dallas
25/07/2024 | Press release | Distributed by Public on 26/07/2024 04:52
El Paso Economic Indicators
July 25, 2024
| El Paso economy dashboard (June 2024) | |||
|
Job growth (annualized) March-June '24 |
Unemployment rate |
Avg. hourly earnings |
Avg. hourly earnings growth y/y |
| 1.3% | 4.5% | $22.72 | 0.1% |
El Paso job growth slowed in June, while the unemployment rate increased. In addition, both U.S. industrial production and auto production grew, while auto sales decreased. Year over year, wage growth ticked up in June.
Business-cycle index
The El Paso Business-Cycle Index edged up 0.3 points from May to June (Chart 1). The index was up 2.6 percent from June 2023.
Labor market
Job growth slows
El Paso employment grew an annualized 0.6 percent (180 jobs) in June (Chart 2). The largest gains were in government (281 jobs), leisure and hospitality (192 jobs), and financial activities (172 jobs). Job losses were greatest in professional and business services (-406 jobs) and other services (-115 jobs).
So far in 2024, total nonfarm employment expanded an annualized 0.7 percent (1,240 jobs). Government added the most jobs on net (1,004 jobs), followed by leisure and hospitality (810 jobs), and trade, transportation and utilities (378 jobs). Professional and business services contracted the most (-1,375 jobs), followed by construction and mining (-131 jobs). El Paso's job growth year to date in 2024 was below the state's 2.3 percent and the nation's 1.7 percent.
Unemployment rate edges up
El Paso's unemployment rate edged up to 4.5 percent in June (Chart 3). This was higher than both the state's and nation's rates of 4.0 and 4.1 percent, respectively.
Wage growth ticks up from last year
El Paso's average hourly wages were $22.72 in June, a 0.1 percent increase from June 2023 (Chart 4). The state and nation have recorded greater year-over-year wage growth, with wages rising by 5.6 percent and 3.9 percent, respectively. Meanwhile, average hourly wages in June were $33.04 in Texas and $35 for the nation.
Industrial production and maquiladora-related activities
Industrial and auto activity are closely linked to the El Paso area economy because of cross-border manufacturing relationships. Roughly half of the maquiladoras in Juárez, Mexico, are auto related. The monthly U.S. industrial production (IP) index grew 0.6 percent in June and was up 1.6 percent from the previous year (Chart 5). The Institute for Supply Management Index decreased 0.2 percentage points in June, down to 48.5. Meanwhile, Mexico's IP index was up 0.7 percent in May and grew 0.6 percent from May 2023.
U.S. monthly auto production increased an annualized 519,300 units in June, up 8.2 percent from June 2023. Meanwhile, sales decreased an annualized 635,000 units, down 4.8 percent year over year.
NOTE: Data may not match previously published numbers due to revisions. The El Paso metropolitan statistical area includes El Paso and Hudspeth counties.
About El Paso Economic Indicators
Questions or suggestions can be addressed to Isabel Dhillon at [email protected]. El Paso Economic Indicators is published every month after state and metro employment data are released.