MetroIntelligence Economic Update by P. DUFFY
Construction spending nearly flat in December, up 9.0 percent year-on-year
Construction spending during December 2021 was estimated at a seasonally adjusted annual rate of $1,639.9 billion, 0.2 percent above the revised November estimate of $1,636.5 billion. The December figure is 9.0 percent above the December 2020 estimate of $1,504.2 billion. The value of construction in 2021 was $1,589.0 billion, 8.2 percent above the $1,469.2 billion spent in 2020.
January manufacturing sector index slips 1.2 points to 57.6 percent, but still in growth mode
The January Manufacturing PMI® registered 57.6 percent, a decrease of 1.2 percentage points from the seasonally adjusted December reading of 58.8 percent. This figure indicates expansion in the overall economy for the 20th month in a row after a contraction in April and May 2020. Panel sentiment remains strongly optimistic, with seven positive growth comments for every cautious comment, up from December’s ratio of 6-to-1.
December job openings rose as hires fell further, leading to 4.6 more jobs than officially unemployed
The number of job openings rose 1.4% in December to 10.9 million as hires fell 5.0% to 6.3 million. Separations (both firings and quits) fell 4.9% to 5.9 million, and quits alone fell 3.6% to 4.3 million. Although the number of officially unemployed persons fell 7.1% in December to 6.3 million, the combination of that decline plus the 1.4% rise in job openings resulted in the number of excess jobs rising 15.9% to 4.6 million.