8/7: MetroIntelligence Econ Update, P.DUFFY

Jobs rose by 157,000 in July, unemployment rate edged down to 3.9 percent

Total nonfarm payroll employment rose by 157,000 in July, and the unemployment rate edged down  to 3.9 percent.  This growth rate compares with 248,000 in June and 190,000 in July of 2017.  Employment increased in professional and business services, in manufacturing, and in health care and social assistance.

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Online advertised vacancies rebounded by 170,800 in July

Online advertised vacancies increased by 170,800 to 4,651,500 in July, nearly erasing the loss of 171,633 noted for June.  In July of 2017, the number of online job vacancies declined by 146,067.

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Service sector index dips 3.4 points in July to 55.7

The NMI® registered 55.7 percent in July, which is 3.4 percentage points lower than the June reading of 59.1 percent. There has been a ‘cooling off’ in growth for the non-manufacturing sector, and tariffs and deliveries are an ongoing concern. Still, the majority of respondents remain positive about business conditions and the economy.

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June trade deficit rose to $46.3 billion as imports rose faster than exports

The nation’s international trade deficit in goods and services increased to $46.3 billion in June from $43.2 billion in May, as exports decreased and imports increased.

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