7/11: MetroIntelligence Economic Update by P. DUFFY

June job openings fell 0.7 percent, still 1.4 million more than the officially unemployed

Job openings fell 0.7 percent in June to 7.3 million, for about 1.4 million more unfilled jobs than the 5.9 million persons unemployed for that month.  The manufacturing sector alone accounted for over 500,000 of unfilled jobs, making it more challenging to bring those types of overseas jobs back to the U.S. At the same time, new hires fell 4.4 percent, separations fell 3.4 percent and the quits rate fell 2.6 percent.



May consumer credit use rose at 5.0 annual rate vs. 3.1 percent for wage growth

In May, consumer credit increased at a seasonally adjusted annual rate of 5 percent. Revolving credit increased at an annual rate of 8.25 percent, while nonrevolving credit increased at an annual rate of 4.0 percent.  By comparison, annual wage growth in May was 3.1 percent.



Mortgage applications dip 2.4 percent, but purchase loans still up 5.0 percent year-on-year

The Market Composite Index decreased 2.4 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 2.0 percent (and up 5.0 percent year-on-year) but refinances falling 7.0 percent.   The average contract interest rate for 30-year, fixed-rate decreased to 4.04 percent from 4.07 percent.


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