San Antonio Economic Indicators
San Antonio economy dashboard (June 2024) | |||
Job growth (annualized) March–June '24 |
Unemployment rate |
Avg. hourly earnings |
Avg. hourly earnings growth y/y |
1.9% | 3.8% | $29.26 | 4.7% |
San Antonio payroll jobs, wages and retail sales tax revenue all increased in June. At the same time, the unemployment rate also rose due to a significant increase in the size of the labor force.
Business-cycle index
The San Antonio Business-Cycle Index, a gauge of economic conditions in the metro area, increased an annualized 2.6 percent from May to June, narrower than the 3.9 percent rise from April to May (Chart 1).
Labor market
Unemployment rate edges up
The San Antonio unemployment rate ticked up to 3.8 percent in June (Chart 2) from 3.7 percent in May. The rate increased despite moderate job growth due to a 4.5 percent increase in the labor force compared with the prior year. That’s the fastest monthly labor force growth rate for San Antonio since December 2022. The unemployment rates in both Texas and the U.S. were higher at 4.0 and 4.1 percent.
Employment growth continues
San Antonio payrolls increased an annualized 1.8 percent in June (1,757 jobs) (Chart 3). Job gains were driven by mining (19.4 percent, or 106 jobs), construction (13.4 percent, or 703 jobs), education and health services (9.3 percent, or 1,345 jobs), and manufacturing (9.8 percent, or 489 jobs). All sectors experienced monthly growth except other services (-13.1 percent, or 501 jobs), professional and business services (-6.2 percent, or 870 jobs), information (-1.1 percent, or 16 jobs) and trade, transportation and utilities (-0.9 percent, or 150 jobs). Year-to-date total nonfarm employment grew 1.3 percent in San Antonio compared with gains of 2.3 percent in Texas and 1.7 percent in the U.S.
Wages rise
San Antonio wages grew an annualized 7.1 percent in June, while Texas wages rose 4.7 percent and U.S. wages were up 3.6 percent. The three-month moving average of hourly wages in San Antonio was $29.26, below both the state average of $32.76 and the national average of $34.88 (Chart 4). In the past year, wages in San Antonio have risen 4.7 percent, slower than the increase in Texas (5.1 percent) but faster than the increase in the U.S. (3.9 percent).
Retail sales tax revenue
San Antonio’s revenue from sales tax, adjusted for inflation, grew 6.9 percent in June, higher than the state sales tax revenue increase of 1.8 percent (Chart 5). Year-over-year San Antonio retail tax revenue increased 2.5 percent, while state tax revenue fell a slight 0.1 percent.
NOTE: Data may not match previously published numbers due to revisions.
About San Antonio Economic Indicators
Questions or suggestions can be addressed to Mariam Yousuf at Mariam.Yousuf@dal.frb.org. San Antonio Economic Indicators is published every month during the week after state and metro employment data are released.