MetroIntelligence Economic Update by P. DUFFY
Construction spending falls 1.1 percent in May but up 8.3 percent year-on-year
Construction spending during June 2022 was estimated at a seasonally adjusted annual rate 1.1 percent below the revised May estimate of $1,781.9 billion. The June figure is 8.3 percent above the June 2021 estimate of $1,628.0 billion. During the first six months of this year, construction spending amounted to $848.2 billion, 10.7 percent above the $766.0 billion for the same period in 2021.
June manufacturing sector index falls to 53 percent, but still in positive territory
The June Manufacturing PMI® registered 53 percent, down 3.1 percentage points from the reading of 56.1 percent in May. This figure indicates expansion in the overall economy for the 25th month in a row after a contraction in April and May 2020. This is the lowest Manufacturing PMI® reading since June 2020, when it registered 52.4 percent. Panelists continue to note supply chain and pricing issues as their biggest concerns.
Job openings fall 5.4 percent in June, but still 4.8 million more unemployed workers than jobs
The number of job openings decreased 5.4 percent to 10.7 million on the last business day of June. Hires fell 2.0 percent to 6.4 million and quits fell 0.9 percent to 4.2 million. There were 2.23 persons for every open job in June, up 5.9 percent from May, and for every open job nearly 40 percent of workers quit, indicating continuing froth in the labor market. However, the number of officially unemployed persons versus open jobs fell nearly 11 percent to 4.8 million.