El Paso Economic Indicators

El Paso job growth slowed in May, while the unemployment rate remained unchanged, and wages increased. In addition, trade volumes in April rose, and U.S. industrial production grew. Auto production and sales increased.

Business-cycle index

The El Paso Business-Cycle Index edged up 0.4 points from April to May (Chart 1). The index was up 3.0 percent from May 2023.

Labor market

Job growth slows

El Paso employment grew 1.3 percent (364 jobs) in May (Chart 2). The largest gains were in financial activities (209 jobs), government (150 jobs), and construction and mining (116 jobs). Job losses were greatest in professional and business services (-155 jobs) and education and health services (-103 jobs).

So far in 2024, total nonfarm employment expanded 0.8 percent (1,108 jobs). Government added the most jobs on net (768 jobs), followed by leisure and hospitality (614 jobs), and trade, transportation and utilities (497 jobs). Professional and business services contracted the most (-956 jobs), followed by construction and mining (-178 jobs). El Paso’s job growth year to date in 2024 was below the state’s 2.8 percent and the nation’s 1.9 percent.

Unemployment rate unchanged

El Paso’s unemployment rate remained at 4.4 percent in May (Chart 3). This was higher than the both the state’s and nation’s rates of 4.0 percent.

Trade volume

In April, El Paso’s trade volume totaled $151.6 billion annualized, up 23.3 percent from April 2023 (Chart 4). Exports grew 26.0 percent from April 2023, while imports increased 21.5 percent. Trade primarily flowed through the ports of Ysleta (61 percent), Santa Teresa (20 percent) and El Paso (19 percent). Both imports and exports have surpassed prepandemic levels.

Industrial production and maquiladora-related activities

Industrial and auto activity are closely linked to the El Paso area economy because of cross-border manufacturing relationships. Roughly half of the maquiladoras in Juárez, Mexico, are auto related. The monthly U.S. industrial production (IP) index grew 0.9 percent in May and was up 0.4 percent from the previous year (Chart 5). The Institute for Supply Management Index decreased 0.5 percent in May, down to 48.7. Meanwhile, Mexico’s IP index was down 0.5 percent in April but grew 0.6 percent from April 2023.

U.S. monthly auto production increased an annualized 83,600 units in May, while sales increased an annualized 119,000 units. Production was down 3.3 percent from May 2023, and sales were up 2.5 percent.