MetroIntelligence Economic Update by P. DUFFY
Construction spending up 0.2 percent in November and 8.5 percent year-on-year
Construction spending during November 2022 was estimated at a seasonally adjusted annual rate of $1,807.5 billion, 0.2 percent above the revised October estimate of $1,803.2 billion. The November figure is 8.5 percent above the November 2021 estimate of $1,665.2 billion. During the first eleven months of this year, construction spending amounted to $1,657.6 billion, 10.5 percent above the $1,499.8 billion for the same period in 2021.
November manufacturing sector index slips 0.6 points to 48.4
The December Manufacturing PMI® registered 48.4 percent, 0.6 percentage point lower than the 49 percent recorded in November. With Business Survey Committee panelists reporting softening new order rates over the previous seven months, the December composite index reading reflects companies’ slowing their output. Demand eased, with the (1) New Orders Index remaining in contraction territory, (2) New Export Orders Index markedly below 50 percent, (3) Customers’ Inventories Index in ‘just right’ territory, and (4) Backlog of Orders Index recovering slightly but still in strong contraction.
November job openings slip 0.5 percent to 10.5 million, but still 1.7 open positions for each unemployed person
The number of job openings fell 0.5 percent to just under 10.5 million on the last business day of November. Over the month, hires fell 0.9 percent, separations rose 2.0 percent and quits rose 3.1 percent as workers continue to seek higher wages. The ratio of officially unemployed workers to open jobs remained at 1.7, or about 4.5 million jobs. In addition, for every position to fill, employers need to contend with 40 percent of existing workers quitting during the month.