Austin — The Austin economy continued to improve in July. The Austin Business-Cycle Index expanded. Recent payrolls posted healthy gains, and while jobs and the unemployment rate improved in June and July, both remain significantly below their March levels.
Regional consumer spending since mid-July held at pre-COVID-19 levels. Existing-home sales remained strong, and building permits rebounded. Business-Cycle Index
The Austin Business-Cycle Index —a broad measure of economic activity in the metro—increased for the second consecutive month at a nonannualized 1.2 percent in July, suggesting further improvement in the regional economy ( Chart 1 ). Labor Market
Unemployment Rate Falls
Austin’s unemployment rate dropped to a still-elevated 5.9 percent in July ( Chart 2 ). The jobless rate ticked down to 8.0 percent and 10.2 percent in Texas and the U.S., respectively. Most Sectors Post Job Gains Austin payrolls expanded 6.1 percent (nonannualized), or 62,000 net jobs, in the three months ending in July ( Chart 3 ). Leisure and hospitality posted the largest upturn at 42.6 percent or 30,400 jobs.This was followed by other services (28.3 percent, or 9,200 jobs), health and private education services (8.6 percent, or 9,840 jobs) and trade, transportation, and utilities (5.2 percent, or 9,050 jobs).Sectors […]
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