5/10: MetroIntelligence Economic Update by P. DUFFY

April Producer Price Index growth slipped to 0.1 percent, up 2.6 percent year-on-year

The Producer Price Index for final demand rose 0.1 percent in April, down from 0.3 percent in March and 0.2 percent in February, and was up 2.6 percent for the 12 months ended in April. The index for final demand less foods, energy, and trade services edged up 0.1 percent in April after increasing 0.4 percent in March, and was up 2.5 percent for the 12 months ended in April.

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March job openings rose 7.8 percent to 6.55 million, highest level since December 2000

The March update on job openings saw a 7.8 percent rise to 6.55 million.  This is the highest level since the BLS initiated its JOLTS (Job Openings and Labor Turnover Summary) report in December of 2000.  At the same time, hires fell 1.6 percent while separations rose 2.3 percent.

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March consumer credit use grew at 3.6 percent, slowest gain since September

Consumer credit in March grew at a seasonally adjusted annual rate of 3.6 percent to mark the slowest gain since September. Nonrevolving credit such as student and auto loans grew 6 percent, while revolving credit, namely credit cards, fell 3 percent, marking the second drop in a row.

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Small Business Optimism Index rose to 104.8 in April, marking 17 months of increases

The Small Business Optimism Index sustained record-high levels for the 17th straight month, increasing to 104.8 in April and driven by reports of improved profits, the highest in the NFIB Small Business Economic Trends Survey’s 45-year history.

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