9/10: MetroIntelligence Economic Update by P. DUFFY

August employment growth declined to 130,000, unemployment rate unchanged at 3.7 percent

Total nonfarm payroll employment rose by 130,000 in August, and the unemployment rate was unchanged at 3.7 percent.  This compares with 159,000 jobs in July and 282,000 jobs in August of 2018.  Job growth has averaged 158,000 per month so far this year, 29 percent below the average monthly gain of 223,000 in 2018.



2Q 2019 labor productivity rose 2.3 percent from 1Q and 1.8 percent year-on-year

Nonfarm business sector labor productivity increased 2.3 percent in the second quarter of 2019, as output increased 1.9 percent and hours worked decreased 0.4 percent. From the second quarter of 2018 to the second quarter of 2019, productivity increased 1.8 percent, reflecting a 2.6-percent increase in output and a 0.9-percent increase in hours worked. The four-quarter change in hours is the lowest estimate since the second quarter of 2010, when it was -0.3 percent.



2Q 2019 service sector revenue up 1.3 percent from 1Q and 5.3 percent year-on-year

Total revenue for U.S. services during the second quarter of 2019 rose 1.3 percent from the first quarter of 2019 to $4.048 billion, and were also up 5.3 percent year-on-year.


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