10/12: MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY

Job growth fell to 194,000 in September, unemployment rate declines 0.4 points to 4.8 percent

Total nonfarm payroll employment rose by 194,000 in September, and the unemployment rate fell by 0.4 percentage point to 4.8 percent. Notable job gains occurred in leisure and hospitality, in professional and business services, in retail trade, and in transportation and warehousing. Employment in public education declined over the month.



Consumer credit use slows to 4.0 annual gain in July

In August, consumer credit increased at a seasonally adjusted annual rate of 4.0 percent. Revolving credit (such as credit cards) increased at an annual rate of 3.6 percent vs. 7.0 percent in July, while nonrevolving credit (such as for cars and tuition) increased at an annual rate of 4.1 percent, and same as in July.



Employment Trends Index fell marginally in September, first decline in seven months

The Employment Trends Index has flattened since July, suggesting it may be a few months before the pace of job growth regains the momentum of earlier this year. The chief culprit behind lagging job growth has been the summer surge in COVID-19 infections associated with the Delta variant.