El Paso Economic Indicators

Employment in El Paso expanded in April, and the unemployment rate ticked up. Wages dipped but were still up compared with levels a year ago. Existing-home sales and months of inventory ticked down slightly.

Labor market

Employment expands

El Paso employment increased an annualized 2.4 percent (2,800 jobs) from December through April (Chart 1). Trade, transportation and utilities experienced the largest gains (900 jobs), followed by government (760 jobs). Only two sectors experienced job losses, information (-150 jobs) and financial activities (-90 jobs). Year over year, payroll employment in El Paso was up 1.7 percent in April.

Unemployment rate increases

El Paso’s unemployment rate ticked up in April to 4.4 percent from 4.2 percent in March (Chart 2). The metro’s jobless rate is now above that of both the state (4.1 percent) and the nation (4.2 percent).

Wage growth decelerates

El Paso’s average hourly earnings decreased slightly in April to $23.95 from $24.15 in March. Average hourly earnings remain below the state’s average of $34.30. Year over year, wages in the metro increased 4.5 percent in April after increasing 6 percent year over year in March (Chart 3). Year over year, hourly earnings were up 4.9 percent in Texas and 3.8 percent in the U.S. in April. 

Housing

El Paso existing-home sales dipped in April. However, the three-month moving average of existing-home sales ticked up (Chart 4). Year over year, home sales were up 5.6 percent. Inventories decreased slightly from March to 4.2 months of supply in April but are still well above the record-low levels reached in 2021 and 2022.