At 3.3 percent, the December unemployment rate in the San Antonio-New Braunfels metro area...
A construction mentor helps teach a student how to operate a piece of equipment during the ACE Mentor Program Construction Day event this month at RDO Equipment in New Braunfels. Unemployment in the San Antonio-New Braunfels area fell to pre-pandemic lows in December, the state said Friday.
The national jobless rate fell to 3.5 percent last month, the federal Bureau of Labor Statistics reported earlier. U.S. unemployment has remained between 3.5 and 3.7 percent since March, a low rate for the nation historically. In San Antonio, average private sector wages declined slightly in November to $27.91, a 5.4 percent increase from a year earlier, according to BLS data that lags unemployment numbers by one month. But the Consumer Price Index, a proxy for the rate of inflation, increased by more than 7 percent over that time, more than swallowing up San Antonio workers’ wage gains.
A late December report published by economists at the Federal Reserve Bank of Dallas warned that job growth and inflation are likely to slow in Texas this year, but the outlook for businesses in 2023 has gotten darker.
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