10/14: MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY


CPI up 0.4 percent in September and 5.4 percent year-on-year

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in September on a seasonally adjusted basis after rising 0.3 percent in August, and was up 5.4 percent over the last 12 months.  The ‘core’ index minus food and energy rose 0.2 percent in September, after increasing 0.1 percent in August, and was up 4.0 percent year-on-year.



August job openings decline 5.6 percent to 10.4 million as quits rise 6.0 percent to series high of 4.3 million

The number of job openings declined 5.9 percent to 10.4 million on the last business day of August, following a series high in July. Hires decreased 6.5 percent to 6.3 million, while total separations rose 3.6 percent to 6.0 million, and quits rose 6.0 percent to 4.3 million, a series high.  Quits are also up 24.5 percent from pre-pandemic February 2020.  With 8.4 million officially unemployed persons in August, that leaves over 2 million excess jobs to be filled.



Purchase loan apps rise 2 percent from previous week, but down 10 percent year-on-year


The Market Composite Index for mortgage applications increased 0.2 percent on a seasonally adjusted basis from one week earlier, with purchase loans rising 2 percent (but down 10 percent year-on-year) and refinance activity falling 1 percent (and down 16 percent year-on-year).  The average contract interest rate for 30-year fixed-rate mortgages increased to 3.18 percent from 3.14 percent.



Author: MediaNews