10/9: MetroIntelligence Economic Update by P. DUFFY

Jobs growth slowed to 134,000 in September, unemployment rate declined to 3.7 percent

The unemployment rate declined to 3.7 percent in September, and total nonfarm payroll employment increased by 134,000. Job gains occurred in professional and business services, in health care, and in transportation and warehousing.

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Consumer credit use rose again in August for both revolving and nonrevolving borrowing

In August, consumer credit increased at a seasonally adjusted annual rate of 6.25 percent. Revolving credit increased at an annual rate of 5.5 percent, while nonrevolving credit increased at an annual rate of 6.5 percent.

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September planned job cuts up sharply, largely due to fewer jobs at Wells Fargo

September’s job cut total is 43.7 percent than in August and 70.9 percent higher year-on-year.  Still, nearly half (47.9 percent) of September job cuts come from Wells Fargo’s announcement that it will cut between 5 and 10 percent of its workforce over the next three years. With roughly 265,000 workers, the company plans to cut up to 26,500.

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