11/5: MetroIntelligence Economic Update by P. DUFFY

Job growth slips to 128,000 in October, unemployment rate rose slightly to 3.6 percent

Total nonfarm payroll employment rose by 128,000 in October, and the unemployment rate was little changed at 3.6 percent, up from 3.5 percent in September.  Notable job gains occurred in food services and drinking places, social assistance, and financial activities. Within manufacturing, employment in motor vehicles and parts decreased due to strike activity. Federal government employment was down, reflecting a drop in the number of temporary jobs for the 2020 Census.



September construction spending up 0.5 percent from August but down 2.0 percent year-on-year

Construction spending during September 2019 was estimated at a seasonally adjusted annual rate of $1,293.6 billion, up 0.5 percent from August, but down 2.0 percent year-on-year. During the first nine months of this year, construction spending amounted to $968.7 billion, down 2.2 percent versus the same period of 2018.



September personal income rose more than consumer spending as savings rate increases

In September, both personal income and disposable (after-tax) income increased 0.3 percent, and personal consumption expenditures (PCE) rose 0.2 percent, leading to an increase in the personal savings rate to 8.3 percent.