Dallas−Fort Worth Economic Indicators

The Dallas−Fort Worth economy expanded in May. Employment grew across most sectors. Unemployment held steady, and hourly earnings rose year over year. The 12-month change in the Dallas headline and core inflation was largely steady in May and remained below the U.S.  

Labor market

Employment expands

Employment in Dallas−Fort Worth grew an annualized 2.1 percent in May after rising 1.9 percent in April (Chart 1). Employment in Texas rose 2.6 percent in May. DFW job growth was mixed across major sectors during the three months ending in May, with the strongest gains seen in the construction and mining, education and health services, and leisure and hospitality services. Employment fell in manufacturing , professional and business services, and information services over the period.

Unemployment stable

With payroll employment growth strong, Dallas−Fort Worth unemployment remained at 3.9 percent in May (Chart 2). The jobless rate was 4.0 percent in Dallas and 3.9 percent in Fort Worth, below Texas’ jobless rate of 4.1 percent and the nation’s rate of 4.2 percent.

Earnings tick up

Dallas−Fort Worth hourly earnings were $36.39 in May, above the state ($34.40) and national ($36.24) figures. The three-month moving average for DFW ticked up to $36.47 (Chart 3). Year-over-year hourly earnings were up 5.7 percent in DFW, outpacing the state (4.9 percent) and national (3.9 percent) increases.

Inflation

The 12-month growth in the headline consumer price index (CPI) for Dallas held steady at 0.6 percent headline in May (Chart 4). Core CPI for Dallas was largely unchaged as well at 0.5 percent. While year-over-year growth in food prices increased to 2.4 percent in May, growth in shelter prices dippped to 1.7 percent. In comparison, U.S. CPI rose faster than Dallas over the past 12 months at 2.4 percent headline and 2.8 percent core, with food prices registering 2.9 percent increase.