The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ECONOMIC UPDATE: EL PASO El Paso non-farm employment increased in October at a 3.2 percent annualized rate. Year-to-date, El Paso has added 1,200 new jobs. The sectors that registered job gains were manufacturing, trade, transportation and utilities, professional and business services, and educational and health services. On the other hand, information, leisure and hospitality, and government posted job loses, while the rest of the sectors remained unchanged. Because of the job gains in October, the unemployment rate declined to 5.4 percent, from 5.9 percent in September. In September, retail sales tax rebates decreased by almost 4 percent. The El Paso Business-cycle Index decreased at a 6.5 percent annualized rate in September; however, once the October employment growth is included in the computation of this index, it is likely that it will show an upward turn. El Paso Employment Growth Month-over-Month Annualized Growth Rates Nonfarm Employment Goods Producing Construction, Mining & Natural Resources Manufacturing Services Providing Trade, Transportation & Utilities Information Financial Activities Professional & Business Services Educational & Health Services Leisure & Hospitality Other Services Government May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 4.6 0.9 2.7 -1.3 -9.4 3.2 -10.3 0.0 -10.4 -10.4 -13.8 11.8 0.0 9.5 -16.6 0.0 0.0 0.0 -16.4 -5.9 -5.9 -16.8 -22.1 20.7 6.9 1.0 4.7 0.0 -8.7 2.1 6.2 -2.0 2.0 -4.0 10.6 2.0 26.8 0.0 0.0 0.0 0.0 -21.2 11.2 0.0 0.0 -10.0 11.2 0.0 7.9 -10.8 7.9 12.0 0.0 11.9 11.9 11.8 0.0 3.8 -13.8 20.4 4.7 0.0 4.7 0.0 -12.8 -4.5 16.5 16.3 0.0 -14.0 0.0 0.0 2.0 4.0 10.1 0.0 -28.2 -5.8 5.5 5.8 6.0 5.4 5.9 5.4 Unemployment Rate Notes: Seasonally adjusted data Source: Federal Reserve Bank of Dallas with data from the Bureau of Labor Statistics El Paso Sales Tax Rebates Month-overMonth Percent Index Change (1994=100) -3.9 118.1 Sep-07 0.7 123.0 Aug-07 12.3 122.1 Jul-07 -13.0 108.8 Jun-07 9.1 125.0 May-07 -4.8 114.5 Apr-07 0.7 120.3 Mar-07 0.7 119.5 Feb-07 1.1 118.7 Jan-07 -2.5 117.3 Dec-06 -0.4 120.3 Nov-06 2.4 120.8 Oct-06 4.2 117.9 Sep-06 Notes: Seasonally and inflation adjusted data Source: Texas Comptroller of Public Accounts El Paso Business-cycle Index Index Jan-95=100 124 120 116 112 108 104 100 96 1995 1996 1997 1998 1999 2000 Source: Federal Reserve Bank of Dallas, El Paso Branch 2001 2002 2003 2004 2005 2006 2007 Research Department El Paso Branch Federal Reserve Bank of Dallas November 27, 2007 ECONOMIC UPDATE: CD. JUAREZ Juarez employment decreased in October at a 5.2 percent annualized rate. However, year-to-date, total payroll has increased by almost 9,000 jobs. The job loses in October were widespread across sectors, with only the trade sector posting job gains. In August, retail sales increased by 2.5 percent. U.S. industrial production registered 2.4 percent year-over-year growth in October. Mexico’s industrial production grew at a 0.9 percent rate in September. As the chart below shows, there is a close relationship between maquiladora employment and U.S. and Mexico manufacturing indices, which are growing at moderate rates, as the most recent data shows; thus, it is likely that the maquiladora industry in Ciudad Juarez will follow suit in the next couple of months. Cd. Juarez Retail Sales Cd. Juarez Employment Growth Month-over-Month Annualized Rates Total Goods Producing Agriculture & Mining Manufacturing Construction Service Providing Transportation and Public Utilities Trade Services May-07 Jun-07 2.9 4.2 -0.3 5.9 10.6 28.7 -2.3 6.0 27.4 3.2 13.5 0.7 1.0 6.4 8.3 -1.7 19.7 1.2 Jul-07 Aug-07 Sep-07 Oct-07 6.9 4.2 6.7 -5.2 12.3 3.1 9.6 -3.3 -1.0 -12.4 -23.7 -23.1 15.1 2.8 9.4 -0.8 -16.4 8.8 14.7 -28.8 -6.2 4.7 1.1 -4.4 12.0 29.3 0.8 -1.8 5.6 -1.1 9.5 3.7 -16.2 4.3 -4.0 -9.9 Note: Seasonally adjusted data Source: Banco de Mexico, Sucursal Ciudad Juarez with data from Instituto Mexicano del Seguro Social Aug-07 Jul-07 Jun-07 May-07 Apr-07 Mar-07 Feb-07 Jan-07 Dec-06 Nov-06 Oct-06 Sep-06 Aug-06 Month-overMonth Percent Index Change (2003=100) 2.5 134.3 -1.8 131.0 2.4 133.4 10.3 130.3 -6.1 118.1 1.7 125.8 1.5 123.6 0.9 121.8 0.1 120.7 -2.9 120.6 0.8 124.2 3.0 123.2 -0.6 119.6 Notes: Seasonally and inflation adjusted data Source: INEGI U.S. and Mexico Manufacturing Production Indices Year-over-Year Percent 20 15 10 5 0 -5 Mexico Mfg. Index -10 U.S. Mfg. Index -15 Juarez Maquiladora Employment -20 2000 2001 2002 Notes: Seasonally adjusted data Source: INEGI & Federal Reserve Bank of Dallas 2003 2004 2005 2006 2007 Research Department El Paso Branch Federal Reserve Bank of Dallas November 27, 2007
@FedFRASER