10/8: MetroIntelligence Economic Update by P. DUFFY

September job growth slows to 136,000, unemployment dips to near 50-year low

Job growth slowed to 136,000 in September (versus 165,000 in August), while the unemployment rate fell to 3.5 percent, or almost a 50-year low.  Wage growth slowed to 2.9 percent year-on-year, the labor participation rate remained unchanged at 63.2 percent, and average hours worked also remained unchanged at 34.4 hours per week.



August trade deficit up to $54.9 billion, has risen 7.1 percent YTD

The goods and services deficit was $54.9 billion in August, up $0.9 billion from $54.0 billion in July. The August increase in the goods and services deficit reflected an increase in the goods deficit of $0.8 billion to $74.4 billion and a decrease in the services surplus of less than $0.1 billion to $19.5 billion.  Year-to-date, the goods and services deficit increased $28.3 billion, or 7.1 percent, from the same period in 2018.



Home prices up 0.4 percent in August and 3.6 percent year-on-year

CoreLogic:  On a month-over-month basis, prices increased by 0.4% in August 2019 and by 3.6 % year-on-year.  Over the next year, the CoreLogic HPI Forecast indicates annual price growth will increase to 5.8%.