7/9: MetroIntelligence Economic Update by P. DUFFY

June employment growth rebounds to 224,000, unemployment rate edges up to 3.7 percent

Total nonfarm payroll employment rebounded by a robust 224,000 in June, with the most job gains occurring in professional and business services, in health care, and in transportation and warehousing. The unemployment rate edged up slightly to 3.7 percent as more workers re-entered the workforce.



June manufacturing sector index drops another 0.4 points to 51.7

The June PMI® registered 51.7 percent, a decrease of 0.4 percentage point from May and the third straight month with slowing PMI® expansion. Respondents expressed concern about U.S.-China trade turbulence, potential Mexico trade actions and the global economy.


June service sector index drops 1.8 points to 55.1, lowest reading since July 2017

The June NMI® registered 55.1 percent, down 1.8 percentage points from May and the index’s lowest reading since July 2017.  The comments from the respondents reflect mixed sentiment about business conditions and the overall economy. A degree of uncertainty exists due to trade and tariffs.