A MONTHLY UPDATE OF THE FIFTH DISTRICT ECONOMY FEDERAL RESERVE BANK OF RICHMOND. Minutes. Less than to to to 24.

Transcription

1 September 1 September Summary Economic reports on were somewhat mixed in recent months. Total employment declined and housing market indicators were mixed; however, household conditions strengthened. Labor Markets: Payroll employment in fell. percent in July as firms cut,8 jobs across the majority of industries in the month. The largest job loss was reported by the trade, transportation, and utilities industry, which shed 1, jobs (1. percent) in July. A sizeable loss was also reported in the government sector, where 8 jobs were cut in the month. The only industries to add jobs were manufacturing ( jobs) and financial services ( jobs). Since July 1, total employment in declined. percent as,1 jobs were lost, on net. As has been the case for some time, the mining and logging industry continued to report the largest decline in employment in absolute and percentage terms. The information and construction industries followed in July, as those industries reported year-over-year declines of. percent and.1 percent, respectively. On the positive side, four industries reported an expansion on a year-over-year basis: financial services, education and health services, leisure and hospitality, and government. Household Conditions: The unemployment rate in fell. percentage point to.7 percent in July as the number of unemployed fell. percent and the labor force rose. percent in the month. In the second quarter of 1, the share of mortgages with payments 9 or more days past due declined.1 percentage point to 1. percent. The prime delinquency rate edged down to.9 percent in the quarter while the subprime delinquency rate fell. percentage point to 7. percent. In the first quarter of 1, real personal income in rose. percent and increased.7 percent since the first quarter of 1. Housing Markets: issued new residential permits in July, down slightly from 8 permits in June and down from the 9 permits issued in July 1. The Charleston MSA issued the most permits in July (18 permits), which was fewer than both the prior month and the number of permits issued in July 1. Housing starts totaled, in July, a.9 percent increase from June but a.7 percent decrease since last July. According to CoreLogic Information Solutions, home values in appreciated. percent in June and appreciated.1 percent on a year-over-year basis. House prices rose in every MSA in the month except Huntington, where prices fell 1. percent; home values appreciated in every MSA on a year-over-year basis. A Closer Look at Commuting According to the Census Bureau's 1 American Community Survey -year estimates: In,.7 percent of workers took public transportation to work. Of those.7 percent did not have a vehicle available,. percent owned their home, and. percent were at or above 1 percent of the poverty level. In, 1. percent of workers carpooled to work. Of those.7 percent did not have a vehicle available, 7.9 percent owned their home, and 81. percent were at or above 1 percent of the poverty level. In, 8. percent of workers drove alone to work. Of those 78. percent had or more vehicles available, 78. percent owned their home, 8. percent were at or above 1 percent of the poverty level. Minutes Less than 1 1 to 1 1 to 19 to to 9 to to to 9 or more Commute Times by Mode of Transportation Drove Alone Public Transportation 1 1 Percent of Total 1

2 September 1 Labor Market Conditions Payroll Employment (SA) Period Level (s) MoM % Change YoY % Change Year-over-Year Percent Change through July 1 - Total July 1, Fifth District - Total July 1, Total July Logging and Mining July Construction July Manufacturing July Trade, Transportation, and Utilities July Information (NSA) July Financial Activities July Payroll Employment Performance Professional and Business Services July Other Services -1. Education and Health Services July Government. Leisure and Hospitality July Other Services July Total Employment Performance Government July Year-over-Year Percent Change through July 1 Metro Payroll Employment (NSA) Period Level (s) YoY % Change Beckley MSA - Total July Charleston MSA - Total July Huntington MSA - Total July Morgantown MSA - Total July 9.7. Parkersburg MSA - Total July Total Logging and Mining-18.8 Construction Manufacturing Trade, Transportation, and Utilities Information (NSA) Financial Activities Professional and Business Services Education and Health Services (SA) Fifth District (SA) (SA) Beckley MSA Charleston MSA Leisure and Hospitality Huntington MSA. Morgantown MSA. Parkersburg MSA

3 September 1 Labor Market Conditions Unemployment Rate (SA) July 1 June 1 July 1 Through July Fifth District Beckley MSA Charleston MSA... Huntington MSA.8.9. Morgantown MSA... Parkersburg MSA..8. Civilian Labor Force (SA) Period Level (s) MoM % Change YoY % Change July 19, Fifth District July 1, July Unemployment Rate Beckley MSA July Labor Force Charleston MSA July Year-over-Year Percent Change through July 1 Huntington MSA July Morgantown MSA July Parkersburg MSA July Initial Unemployment Claims (NSA) Period Level MoM % Change YoY % Change July 1,9, Fifth District July 7, July,

4 September 1 Household Conditions Real Personal Income Real Personal Income (SA) Period Level ($mil) QoQ % Change YoY % Change Year-over-Year Percent Change through Q1:1 Q1:1 1,1,7.88. Fifth District Q1:1 1,89, Q1:1,.9.7 Non-Business Bankruptcies Period Level QoQ % Change YoY % Change Q:1,. -.8 Fifth District Q:1 1,8. -. Q: Mortgage Delinquencies (% 9+ Days Delinquent) Q:1 Q1:1 Q:1 All Mortgages Prime Subprime Mortgage Delinquencies Percent 9+ Days Delinquent through Q:1 All Mortgages Prime Subprime

5 September 1 Real Estate Conditions Building Permits Total Private Building Permits (NSA) Period Level MoM % Change YoY % Change Year-over-Year Percent Change through July 1 July 9, Fifth District July 1, July Charleston MSA July Huntington MSA July Morgantown MSA July Parkersburg MSA July Total Private Housing Starts (SAAR) Period Level (s) MoM % Change YoY % Change July 1, Fifth District July July House Price Index (=1) Period Level MoM % Change YoY % Change House Price Index (CoreLogic) June Year-over-Year Percent Change through June 1 Fifth District June June Charleston MSA June 1.. Huntington MSA June Morgantown MSA June Parkersburg MSA June Median Home Sales Price - NAR (NSA) Period Level ($s) QoQ % Change YoY % Change Charleston MSA Q: