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 April at a 4.4 percent annualized rate. Year to date, El Paso has added 3,100 new jobs. During April, the job gains were in the services producing sectors. The information and financial activities sectors lead the growth with 26.2 percent and 35.9 percent, respectively, followed by government (5.6 percent) and transportation (4.1 percent). Due to the job gains during the month, the unemployment rate declined to 5.2 prcent, from 5.6 percent in March. In March, retail sales tax rebates slightly increased by 0.2 percent. El Paso's business-cycle index increased 4.9 percent in April despite sluggish U.S. economic growth and weakening manufacturing activity in Juárez. 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 Nov-07 0.4 3.5 8.2 0.0 0.0 -13.2 0.0 0.0 -3.8 3.7 9.4 0.0 9.7 5.6 El Paso Sales Tax Rebates Month-overMonth Percent Index Change (1994=100) 0.2 119.3 Mar-08 -1.5 119.1 Feb-08 -1.2 120.9 Jan-08 2.5 122.5 Dec-07 -3.0 119.5 Nov-07 4.2 123.2 Oct-07 -4.0 118.2 Sep-07 0.7 123.2 Aug-07 12.0 122.3 Jul-07 -13.0 109.2 Jun-07 9.2 125.4 May-07 -4.9 114.9 Apr-07 0.9 120.8 Mar-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 4.5 5.4 2.2 1.8 4.4 0.0 0.0 3.5 -3.4 -3.4 8.2 0.0 8.1 0.0 0.0 -5.8 0.0 0.0 -5.9 -5.9 5.1 6.2 2.0 2.5 5.6 6.3 0.0 0.0 4.1 4.1 -20.4 0.0 0.0 -20.8 26.2 0.0 11.0 0.0 0.0 35.9 8.1 57.7 -10.6 7.8 0.0 0.0 7.6 0.0 3.7 3.7 -4.4 4.6 4.6 -4.4 4.6 0.0 16.8 16.5 -14.2 0.0 13.7 -8.8 9.6 5.6 5.6 5.9 5.7 5.3 5.6 5.2 Unemployment Rate Notes: Seasonally adjusted data Source: Federal Reserve Bank of Dallas with data from the Bureau of Labor Statistics Notes: Seasonally and inflation adjusted data Source: Texas Comptroller of Public Accounts El Paso Business-cycle Index Index Jan-95=100 128 124 120 116 112 108 104 100 96 1995 1996 1997 1998 1999 2000 Source: Federal Reserve Bank of Dallas, El Paso Branch 2001 2002 2003 2004 2005 2006 2007 2008 Research Department El Paso Branch Federal Reserve Bank of Dallas May 27, 2008 ECONOMIC UPDATE: CD. JUAREZ Juarez continued posting job loses in April, at an 8.1 percent annualized rate. Year-to-date, employment is down by more than 8,000 jobs, a 2.2 percent decline. During April, job losses were concentrated in the goods producing sector, with manufacturing posting the largest decline at 16.9 percent annualized rate. In February, retail sales decreased by 1.1 percent. U.S. industrial production registered a 0.1 percent year-over-year fall in April, after growing at a decreasing rate over the last two months. Mexico’s industrial production grew at a 1.6 percent rate in February, after growing at 3.5 percent in January. As the chart below shows, there is a close relationship between maquiladora employment and U.S. and Mexico manufacturing indices, which have posted sluggish growth rates in the recent months; thus, it is likely that the maquiladora industry in Ciudad Juarez will continue to follow suit in the next few months. Cd. Juarez Retail Sales Cd. Juarez Employment Growth Month-over-Month Annualized Rates Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 Total -1.4 0.6 -4.8 -3.4 -8.9 -8.1 Goods Producing -4.7 -2.0 -9.7 -8.5 -11.5 -16.2 -21.4 2.7 -3.0 16.6 3.3 -12.8 Manufacturing -4.9 -5.1 -12.6 -10.9 -8.9 -16.9 Construction -1.6 46.8 33.7 22.1 -37.2 -6.8 5.8 6.9 6.1 7.8 -3.5 10.5 Transportation and Public Utilities -6.6 0.9 -3.3 15.3 5.9 4.7 Trade 15.5 5.5 9.5 1.4 -5.7 1.1 2.2 9.2 5.7 10.8 -3.7 18.6 Agriculture & Mining Service Providing Services Note: Seasonally adjusted data Source: Banco de Mexico, Sucursal Ciudad Juarez with data from Instituto Mexicano del Seguro Social Feb-08 Jan-08 Dec-07 Nov-07 Oct-07 Sep-07 Aug-07 Jul-07 Jun-07 May-07 Apr-07 Mar-07 Feb-07 Month-overMonth Percent Change -1.1 8.3 -7.6 1.9 -2.3 -0.8 2.4 -2.1 2.4 10.2 -6.2 1.8 1.3 Index (2003=100) 130.7 132.1 122.0 131.9 129.4 132.5 133.6 130.5 133.3 130.2 118.1 125.9 123.7 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 2003 Note: Seasonally adjusted data Source: INEGI & Federal Reserve Bank of Dallas 2004 2005 2006 2007 2008 Research Department El Paso Branch Federal Reserve Bank of Dallas May 27, 2008
@FedFRASER