This report analyzes the local economic indicators for the Austin Metropolitan Statistical Area (MSA) from May 2013 to May 2014. During this period, the Austin MSA saw an increase of 18,154 (1.8%) in the labor force and 27,879 (2.9%) in employment, while unemployment decreased by 9,725 (18.7%). The region added 31,000 nonfarm jobs (3.6%) over the last year, showcasing robust economic expansion and low unemployment rates, positioning Austin among the fastest growing metro areas in Texas.
01 / 78Austin MSA Economic Indicators: Labor Force and Employment Growth Report (May 2013 - May 2014)
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Austin MSA Economic Indicators: Labor Force and Employment Growth Report (May 2013 - May 2014)
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Labor Force & EmploymentAustin MSA May 2013 to May 2014: 18,154 (1.8%) added to labor force 27,879 (2.9%) added to employment 9,725 (18.7%) subtracted from unemployed Source: Texas Workforce Commission, LAUS.
Monthly Change in Payroll JobsSeasonally Adj., Austin MSA The Dallas Fed’s SA series differs from the SA series from TWC/ BLS due to the Dallas Fed’s adoption of a quarterly revision cycle. The TWC/BLS data is benchmarked only annually. Source: Federal Reserve Bank of Dallas, CES
Job Growth by SectorNot Seasonally Adjusted Net job creation for the 12 months ending December 2013: +2,700 private goods producing jobs +26,600 private service providing jobs +1,700 government jobs Source: Texas Workforce Commission, CES.
Workforce Current Employment Statistics (CES) & Quarterly Census of Employment & Wages (QCEW)
Payroll JobsAustin MSA QCEW data lag CES estimate by several months, however QCEW data is based universe counts rather than sample based survey estimates. Preliminary CES data is revised annually based on QCEW data and other adjustments. Source: Texas Workforce Commission.
Employees on Nonfarm PayrollsAustin MSA The Dallas Fed revises their series quarterly based on QCEW releases, while BLS/TWC benchmark CES data to QCEW only annually. Sources: Texas Workforce Commission & Federal Reserve Bank of Dallas (CES).
Workforce AVERAGE WEEKLY HOURS AND AVERAGE HOURLY EARNINGS
Metro Business Cycle IndexAustin MSA, Seasonally Adjusted • The index summarizes movements in: • Nonagricultural employment • The unemployment rate • Inflation-adjusted wages • Inflation-adjusted retail sales May 2014: The index is 7.5% above the same month last year and monthly percent change has been positive since Sept. 2009. Source: Federal Reserve Bank of Dallas.