11/08/2022 — MetroIntelligence Economic Update by P. DUFFY
MetroIntelligence Economic Update by P. DUFFY
Employment rises another 261,000 in October, unemployment rate edges up to 3.7 percent
Total nonfarm payroll employment increased by 261,000 in October, and the unemployment rate rose to 3.7 percent. Notable job gains occurred in health care, professional and technical services, and manufacturing. The unemployment rate has been in a narrow range of 3.5 percent to 3.7 percent since March. The labor force participation rate, at 62.2 percent, and the employment-population ratio, at 60.0 percent, were about unchanged in October and have shown little net change since early this year. These measures are 1.2 percentage points below their values in February 2020, prior to the coronavirus (COVID-19) pandemic.
https://www.bls.gov/news.release/empsit.nr0.htm
October Home Purchase Sentiment Index falls 4.1 points to 56.7
The Fannie Mae (FNMA/OTCQB) Home Purchase Sentiment Index® (HPSI) decreased 4.1 points in October to 56.7, its eighth consecutive monthly decline and lowest reading since the inception of the index in 2011. Five of the six index components decreased month over month, including those associated with home buying and selling conditions, as persistently high home prices and unfavorable mortgage rates continue to fuel consumers’ housing affordability concerns.
https://www.fanniemae.com/newsroom/fannie-mae-news/consumer-confidence-housing-hits-new-all-time-low
October Global Composite Output Index slips to 49.0, lowest level since June 2020
The J.P.Morgan Global Composite Output Index fell to 49.0 in October, from 49.6 in September, its lowest reading since June 2020. Three out of the six sub-industries covered by the survey – business services, financial services and intermediate goods – saw output decrease, with rates of contraction especially sharp in the latter two. Activity levels rose in the consumer goods, consumer services and investment goods categories, although growth was only marginal in all three.
https://www.pmi.spglobal.com/Public/Home/PressRelease/e921db55ee1a4f71acc34a8044b988a7