5/9: MetroIntelligence Economic Update by P. DUFFY

March job openings rose nearly five percent as 1.3 million jobs went unfilled

The number of job openings in March rose by nearly 5.0 percent (or 346,000) to 7.5 million jobs, for a job openings rate of 4.7 percent. This compares with 6.2 officially unemployed persons in March, for a difference of nearly 1.3 million extra jobs.



Consumer credit use slowed in March, but still rose 3.0 percent

Consumer borrowing in March grew at the slowest pace in nine months as Americans pulled back on credit card use, rising by 3.0 percent.  During the first quarter of 2019, consumer credit increased at a seasonally adjusted annual rate of 4.25, with revolving credit up 1.15 percent and non-revolving credit rising 5.25 percent.



Mortgage applications rise 2.7 percent as rates dip slightly

The Market Composite Index increased 2.7 percent on a seasonally adjusted basis from one week earlier, with purchase loans rising 4.0 percent and refinance activity up 1.0 percent. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 4.41 percent from 4.42 percent.