5/3: MetroIntelligence Economic Update by P. DUFFY

Construction spending dipped 0.9 percent in March and 0.8 percent year-on-year

Construction spending during March 2019 was estimated at a seasonally adjusted annual rate of $1,282.2 billion, 0.9 percent below the revised February estimate and down 0.8 percent year-on-year. Larger declines were noted for residential construction, which was lower by 1.8% for the month, and 8.4% for the year.

www.census.gov/construction/c30/pdf/release.pdf

 

April planned job cuts fall 34 percent to lowest level since last August

U.S.-based employers announced plans to cut 40,023 jobs from their payrolls in April, down 34% from March but up 11% year-on-year.  Still, this is the lowest monthly total since last August.  So far this year, employers have announced 230,433 job cuts, 31% higher those announced in the first four months of last year.

www.challengergray.com/press/press-releases/2019-april-job-cuts-report-cuts-down-40023-ytd-31

 

Federal Reserve keeps interest rates unchanged at latest meeting, inflation still under target

The Federal Reserve announced that it is keeping its target range of 2.25% to 2.5% unchanged, noting that inflation is still its stated target of 2%.  The Fed’s decision not to change rates continued with the March meeting’s economic projections signaling no rate changes for the rest of 2019.

www.federalreserve.gov/newsevents/pressreleases/monetary20190501a.htm