10/6: MetroIntelligence Economic Update by P. DUFFY

Employment rose by 250,000 in October, unemployment rate unchanged at 3.7 percent

Total nonfarm payroll employment rose by 250,000 in October, and the unemployment rate was unchanged at 3.7 percent. Job gains occurred in health care, in manufacturing, in construction, and in transportation and warehousing.



3Q 2018 productivity up 2.2 percent from 2Q and 1.3 percent year-on-year

Nonfarm business sector labor productivity increased 2.2 percent during the third quarter of 2018, as output increased 4.1 percent and hours worked increased 1.8 percent. From the third quarter of 2017 to the third quarter of 2018, productivity increased 1.3 percent, reflecting a 3.7-percent increase in output and a 2.4-percent increase in hours worked.



State Street Investor Confidence Index dropped another 3.4 points in October

The Global Investor Confidence Index decreased to 84.4, down 3.4 points from September’s revised reading of 87.8. In the US, this month’s sell-off erased all 2018 year-to-date equity market gains, and amid concerns about high valuations and whether earnings may have peaked, some market participants seem to be anxious over a prolonged period of risk aversion.