3/8: METROINTELLIGENCE ECONOMIC UPDATE, by P.DUFFY

ADP:  Private sector jobs rose by 235,000 in February

According to ADP, private sector employment increased by 235,000 jobs from January to February.  This compares to 244,000 the previous month and 280,000 in February 2017.

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Online Helped Wanted Ads declined 3.8 percent in February

Online advertised vacancies decreased 185,700, or 3.8 percent, to 4,717,600 in February, according to The Conference Board Help Wanted OnLine® (HWOL) Data Series,released today. The January Supply/Demand rate stands at 1.36 unemployed for each advertised vacancy, with a total of 1.8 million more unemployed workers than the number of advertised vacancies.

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Labor productivity revised to 0.0 percent in 4Q 2017, up 1.1 percent year-on-year

Nonfarm business sector labor productivity growth was revised to 0.0 percent in the fourth quarter of 2017, as output increased 3.2 percent and hours worked increased 3.3 percent.  From the fourth quarter of 2016 to the fourth quarter of 2017, productivity increased 1.1 percent, reflecting a 3.2-percent increase in output and a 2.1-percent increase in hours worked. Annual average productivity increased 1.2 percent from 2016 to 2017.

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January factory goods orders fell 1.4 percent after five months of increases

January factory goods orders fell 1.4 percent amid a broad decrease in demand.  That was the largest drop since July 2017 and followed five straight monthly increases.

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Beige Book:  Economic expansion continuing so far in 2018, but new home production constrained by supply issues

Economic activity expanded at a modest to moderate pace across the 12 Federal Reserve Districts in January and February. On balance, Districts reported modest growth in home sales and construction, with the latter constrained by shortages of labor and materials.

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