Key Economic Indicators – October 9, 2017

  • Total non-farm payroll employment decreased 33 thousand in September, following an increase of 169 thousand in the previous month, according to the U.S. Bureau of Labor Statistics. Private-sector payrolls decreased by 40 thousand in September, while government employment increased by 7 thousand. A sharp employment decline in food services and drinking places and below-trend growth in some other industries likely reflected the impact of Hurricanes Irma and Harvey. The average monthly gain in employment was 172 thousand per month thus far this year.
  • The unemployment rate decreased to 4.2% in September, from 4.4% in August. The unemployment rate was 4.9% in September 2016.
  • The number of unemployed decreased by 331 thousand to 6.801 million. The number of long-term unemployed (those jobless for 27 weeks or more) decreased by 7 thousand to 1.733 million and accounted for 25.5% of the unemployed.
  • The labor force participation rate increased by 0.2 percentage point to 63.1% in September, but has shown no clear trend over the past 12 months.
  • The average workweek of all employees on private nonfarm payrolls was unchanged at 34.4 hours.
  • In September, average hourly earnings of all employees on private nonfarm payrolls increased by12 cents to $26.55. Over the past 12 months, average hourly earnings were up 2.9%.
  • The advance figure for initial claims for unemployment insurance decreased 12 thousand to 260 thousand in the week ending September 30. The 4-week moving average was 268.25 thousand, a decrease of 9.5 thousand from the previous week’s unrevised average. The advance number for seasonally adjusted insured unemployment (ongoing) during the week ending September 23 was 1,938 thousand, an increase of 2 thousand from the previous week’s revised level. The 4-week moving average was 1,947 thousand, a decrease of 3.25 thousand from the previous week’s revised average.
  • August sales of merchant wholesalers were up 1.7% from the revised July level and were up 7.2% from the August 2016 level, according to the U.S. Census Bureau.
  • Sales of domestic cars increased 14.7% in September, while total light vehicle (cars and light trucks) sales increased 15.3%. Total vehicle sales were 18.5 million units in September, at a seasonally adjusted annual rate, compared to 17.3 million in January 2017, and 17.7 million in July of 2016.
  • August construction spending was up 0.5% from the previous month, and was up 2.5% from a year ago. Both residential and nonresidential construction increased 0.5%. Total private construction increased 0.4% in September, while total public construction increased 0.7%.
  • The results of Freddie Mac’s Primary Mortgage Market Survey showed average fixed mortgage rates increasing for the week ending October 5th. The 30-year fixed mortgage rate averaged 3.85% for the week ending October 5, up from last week when it averaged 3.83%. The 15-year fixed mortgage rate averaged 3.15%, up from the previous week when it averaged 3.13%.
  • Mortgage applications decreased 0.4% from one week earlier, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 29, 2017.
  • In August, consumer credit increased at a seasonally adjusted annual rate of 4.2%, according to the Board of Governors of the Federal Reserve System.  Revolving credit increased at an annual rate of 7.0%, while nonrevolving credit increased at an annual rate of 3.2%.
  • The international trade deficit in goods and services decreased to $42.4 billion in August from $43.6 billion in July (revised), as exports increased and imports decreased, according to the U.S. Census Bureau.
  • The Institute for Supply Management’s (ISM) manufacturing survey indicated that the manufacturing sector expanded in September, and the overall economy grew for the 100th consecutive month.
  • The Institute for Supply Management’s (ISM) non-manufacturing survey indicated that economic activity in the non-manufacturing sector grew in September, for the 93rd consecutive month.

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