Editor’s Note: The El Paso Economic Indicators Report is published monthly by the Federal Reserve Bank of the Dallas El Paso Branch. It offers a sn -shot of the local economy.
Economic Index: The El Paso Economic Index rose an annualized 3% in October after rising 3.8% in September. Compared to pre-pandemic levels (February 2020), the index has almost rebounded – just 0.1%.
Labor Market: In October, employment in El Paso rose by an annualized 0.8%, or 214 jobs. The job growth was mainly driven by commerce, transportation and utilities (524 jobs), leisure and hospitality (212) and other services (101). The construction and government sectors fell 230 and 207 jobs, respectively.
Since the beginning of the pandemic, the number of employees in El Paso has decreased by 2%, representing a loss of 6,671 jobs by October.
El Paso’s seasonally adjusted unemployment rate rose slightly in October from 5.7% in September to 5.8%. The unemployment rate in Texas decreased from 5.6% to 5.4%, while the number in the US decreased from 4.8% to 4.6%.
International bridge traffic: After 20 months of closure, the border between the United States and Mexico was reopened to vaccinated, non-vital travelers on November 8th. According to the latest figures, 1.88 million northbound crossings were made in El Paso District in October 2021, 41.1% more than October 2020 but 30.1% below October 2019 volumes. El Paso District is defined as Ports of entry in Columbus, New Mexico; El Paso, Texas; Presidio, Texas; Santa Teresa, New Mexico; Tornillo, Texas; and Ysleta, Texas.
Trading: Annualized monthly trading across the El Paso commercial district rose 2.9% to $ 121.3 billion in September. The increase in trade was driven by the import growth of 6.8%; exports fell by 1.9%. Most of the trading through the El Paso Commercial District was via the Ysleta Port of Entry (56.8%), while the Santa Teresa Port of Entry accounted for 21.7% of the district’s total trading volume and the El Paso Port of Entry 20, 9% accounted for.
The report has been edited lengthways. The full report, including gr -hs, is available online at DallasFed.org/research/indicators.aspx