2/11: MetroIntelligence Economic Update by P. DUFFY

January job growth jumps to 225,000, unemployment rate edges up to 3.6 percent

Job growth jumped to 225,000 in January versus 147,000 in December (up 53 percent) and 269,000 in January 2019 (down 16 percent). The unemployment rate edged up from 3.5 to 3.6 percent,, with notable gains in construction, health care, and transportation and warehousing.



Annual growth in average hourly earnings edges up to 3.1 percent in January

In January, average hourly earnings for all employees on private nonfarm payrolls rose by 7 cents, or 0.25 percent, to $28.44. Over the past 12 months, average hourly earnings have increased by 3.1 percent. The average workweek for all employees on private nonfarm payrolls was unchanged at 34.3 hours in January.



Consumer credit use rose 4.75 percent in 2019, but grew 6.25 percent in December alone

In 2019, consumer credit increased 4.75 percent, with revolving credit (such as credit cards) and nonrevolving credit (such as car loans and student loans) increasing 4.25 percent and 4.75 percent, respectively. Consumer credit increased at a seasonally adjusted annual rate of 5.0 percent in the fourth quarter and at a rate of 6.25 percent in December.