3/12: MetroIntelligence Economic Update by P. DUFFY

February job growth fell to 20,000, unemployment rate slipped to 3.8 percent

Total nonfarm payroll employment rose by just 20,000 in February, and the unemployment rate declined to 3.8 percent. Employment in professional and business services, health care, and wholesale trade continued to trend up, while construction employment decreased.

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January housing starts rebounded 18.6 percent from December, but down 7.8 percent year-on-year

Privately-owned housing starts in January were at a seasonally adjusted annual rate of 1,230,000, up 18.6 percent above the revised December estimate of 1,037,000, but 7.8 percent below the January 2018 rate.

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January building permits rose 1.4 percent from December, down 1.5 percent year-on-year

Privately-owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,345,000, up 1.4 percent from December but down 1.5 percent year-on-year.

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