10/10: MetroIntelligence Economic Update by P. DUFFY

August job openings fall 1.7 percent, but still over 1 million more unemployed persons than openings

The number of job openings fell 1.7 percent to 7.1 million on the last business day of August, with hires falling 3.3 percent, separations down 3.0 percent and the quits rate declining 3.9 percent.  Even with these declines, there were still 1.007 million more unemployed persons than job openings in August.



Consumer credit use rose 5.25 percent in August due entirely to nonrevolving credit

Although overall consumer credit use rose at an annual rate of 5.25 percent in August, revolving credit (such as credit cards) decreased by 2.25 percent.  However, nonrevolving credit — such as car loans and student loans — increased at an annual rate of 7.75 percent.



September Producer Price Index fell 0.3 percent but still up 1.4 percent year-on-year

The Producer Price Index for final demand decreased 0.3 percent in September and were up 1.4 percent year-on-year.  The index for final demand less foods, energy, and trade services was unchanged in September and rose 1.7 percent year-on-year.