11/9: MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY


Job growth soared to 531,000 in October, unemployment rate slips to 4.6 percent

Total nonfarm payroll employment rose by 531,000 in October, and the unemployment rate edged down by 0.2 percentage point to 4.6 percent. Job growth was widespread, with notable job gains in leisure and hospitality, in professional and business services, in manufacturing, and in transportation and warehousing. Employment in public education declined over the month.



Consumer credit use grew 8.3 percent in September as economy continued to re-open

Consumer credit increased at a seasonally adjusted annual rate of 5.6 percent during the third quarter. Revolving credit increased at an annual rate of 7.4 percent, while non revolving credit increased at an annual rate of 5.1 percent. In September, consumer credit increased at an annual rate of 8.3 percent.



Share of single-income movers rose 5 percentage points during the pandemic

More than one-third (34%) of people who moved during the coronavirus pandemic live in a home where only one adult has a full-time job. By comparison, just 29% lived in a single-income household before the pandemic. That’s according to an August 2021 Redfin survey of 1,023 U.S. residents who have moved to a new home since March 2020.