November 21 November Summary Recent economic reports on were somewhat downbeat. The unemployment rate edged down but payroll employment declined considerably and housing market activity softened. Labor Markets: Payroll employment declined. percent in September as employers in the hurricane-affected state cut 21,9 jobs, on net. A majority of industries reported job cuts in the month, with the largest decline of 1, jobs (2.9 percent) coming from the leisure and hospitality sector. Trade, transportation, and utilities (1,9 jobs), professional and business services (1,7 jobs), and manufacturing (1,7 jobs) also reported notable job losses in September. The only industries to add jobs were financial services (1, jobs) and information (2 jobs). Since September 217, total employment in increased 1.9 percent (2,3 jobs). The largest contributors to the net increase over the year were professional and business services (3,3 jobs), trade, transportation, and utilities (1,7 jobs), construction (1,7 jobs), and education and health services (1, jobs). Meanwhile, the only sectors to report declines were leisure and hospitality (,9 jobs) and other services (1, jobs). Household Conditions: s unemployment rate edged down.1 percentage point to 3. percent in September and declined. percentage point from September 217. In the second quarter of 21, the share of mortgages with payments 9 or more days past due decreased to 1.1 percent. Delinquency rates for fixed-rate and adjustable-rate loans declined in the second quarter to. percent and 1.7 percent, respectively. In the second quarter of 21, real personal income in rose. percent and was up 2.3 percent since the second quarter of 217. A MONTHLY UPDATE OF THE FIFTH DISTRICT A Closer Look at Total Wages and Salaries Total Wages and Salaries by Industry YoY% Change Q2:21 Change Since Q2:213 Total..7 Natural Resources..7 Construction 1.1 9. Manufacturing 2.7 3. Trade, Transportation & Utilities.3. Information..9 Financial Activities. 7.2 Professional & Business Services.2. Education & Health Services.2. Leisure & Hospitality..9 Other.. Government 1.2 2.1 Housing Markets: issued,27 new residential permits in September, down 2.2 percent from the prior month and down 1.2 percent from September 217. The Charlotte MSA issued the most permits in August (1,79 permits) while the Hickory MSA reported the largest percentage increase in the month (2. percent). housing starts totaled 7,9 in September, down 1. percent from the prior month and down 19. percent on a year-over-year basis. According to CoreLogic Information Solutions, home values appreciated.3 percent in August and appreciated. percent since August 217. 1
November 21 Labor Market Conditions Payroll Employment Performance Payroll Employment (SA) Period Level (s) MoM % Change YoY % Change Year-over-Year Percent Change in September 21 - Total September 19,..9 1.73 Fifth District - Total September 1,9. -.1 1. - Total September,.7 -. 1. Logging and Mining September. -1.9 1.7 Construction September 219.9 -..11 Manufacturing September 72. -.3.9 Trade, Transportation, and Utilities September 7.9 -.22 2.2 Information September 3.1.2. Financial Activities September 239.9.9 2.1 Professional and Business Services September. -.2.93 Education and Health Services September 9. -.13 1.7 Leisure and Hospitality September 9.2-2.9-1.19 Other Services September 1. -1.12 -.99 Total Employment Performance Government September 71. -.12.1 Year-over-Year Percent Change in September 21 Metro Payroll Employment (NSA) Period Level (s) YoY % Change Asheville MSA - Total September 193..99 Charlotte MSA - Total September 1,21. 2. Durham MSA - Total September 31. 2. Fayetteville MSA - Total September 13.1. Greensboro-High Point MSA - Total September 3. 1. Raleigh-Cary MSA - Total September 39. 3.29 Wilmington MSA - Total September 122.1-3. Winston-Salem MSA - Total September 2.2 1.9 - Total Logging and Mining Construction Manufacturing Trade, Transportation, and Utilities Information Financial Activities Professional and Business Services Education and Health Services Leisure and Hospitality -1.2 (SA) Fifth District (SA) (SA) Asheville MSA Charlotte MSA Durham MSA Fayetteville MSA Greensboro-High Point MSA Raleigh-Cary MSA Other Services Government Wilmington MSA-3. Winston-Salem MSA -1.. 1. 1.9 1. 1.7 2.3 2..1.9-2 -1 1 2 3. 1. 1. 1. 1. 1.7 1.9 2. 2.. 3.3 - -3-2 -1 1 2 3 2
November 21 Labor Market Conditions Unemployment Rate Unemployment Rate (SA) September 1 August 1 September 17 Through September 21 3.7 3.9.2 Fifth District 3.7 3..2 3. 3.9. Asheville MSA. 3. 3.7 Charlotte MSA. 3..2 Durham MSA. 3.2 3.9 Fayetteville MSA..9. Greensboro-High Point MSA. 3.9.7 Raleigh-Cary MSA. 3.2 3.9 Wilmington MSA. 3..2 Winston-Salem MSA. 3..3 Civilian Labor Force (SA) Period Level (s) MoM % Change YoY % Change September 11,92.9.2 Fifth District September 1,7 -.1.3 Labor Force September,993 -.2.7 Year-over-Year Percent Change through September 21 3 Asheville MSA September.. Charlotte MSA September.. Durham MSA September.. 2 Fayetteville MSA September.. Greensboro-High Point MSA September.. 1 Raleigh-Cary MSA September.. Wilmington MSA September.. Winston-Salem MSA September.. Initial Unemployment Claims (NSA) Period Level MoM % Change YoY % Change September 7,1-12.27-22.22 Fifth District September,13 1.9.9 September 21,192 79.1.79 12 11 1 9 7 3-1 -2 3
November 21 Household Conditions Real Personal Income Real Personal Income (SA) Period Level ($mil) QoQ % Change YoY % Change Year-over-Year Percent Change through Q2:1 Q2:1 1,12,3.7 2.39 Fifth District Q2:1 1,7,12.2 1.9 Q2:1 37,233. 2.32 Median Family Income Period Level (s) QoQ % Change YoY % Change Asheville MSA Q2:1 1.3.. Charlotte MSA Q2:1 7.1..1 Durham MSA Q2:1.. 9.9 Fayetteville MSA Q2:1 3.. 2.29 Greensboro-High Point MSA Q2:1...77 Raleigh-Cary MSA Q2:1.3..11 Winston-Salem MSA Q2:1 2.. 9. Non-Business Bankruptcies Period Level QoQ % Change YoY % Change Mortgage Delinquencies Q2:1 2,19 7.3-1.7 Percent 9+ Days Delinquent through Q2:1 Fifth District Q2:1 1,7.1.2 Q2:1 3,3 1.99-2.1 Mortgage Delinquencies (% 9+ Days Delinquent Q2:1 Q1:1 Q2:17 All Mortgages 1.2 1. 1.2 Conventional - Fixed Rate.9 1.12.92 Conventional - Adjustable Rate 1.97 2.2 2.12 - All Mortgages All Mortgages 1.1 1.22 1.2 Conventional - Fixed Rate..93.9 Conventional - Adjustable Rate 1.7 1.79 1.9 2-2 - - 3 2 1
November 21 Real Estate Conditions New Housing Units Permits: New Private Housing Units Period Level MoM % Change YoY % Change Year-over-Year Percent Change through September 21 September 99,3-1.1-1.99 Fifth District September 12,1-2.1 -.7 September,27-2.2-1.2 Asheville MSA September 3 21.12 2.72 Charlotte MSA September 1,79-22. -22. Durham MSA September 33-19.1-1.9 Fayetteville MSA September -37.21-3.9 Greensboro-High Point MSA September 127-1.2.9 Greenville MSA September 2 -.7.3 Hickory MSA September 2. --- Jacksonville MSA September 2-7.9-72.3 Raleigh-Cary MSA September -9.9.71 Wilmington MSA September -72.1-9.23 Winston-Salem MSA September 17 -.97-31. Housing Starts Total Private Housing Starts (SAA Period Level (s) MoM % Change YoY % Change September 1,21 -.2 3.71 Fifth District September 137-22.79-7. September 7.9 -. -1.93 12 1 2-2 - - - 1 12 1 2 Thousands of Units (SAAR) September 21
November 21 Real Estate Conditions House Price Index (CoreLogic) House Price Index (2=1) Period Level MoM % Change YoY % Change Year-over-Year Percent Change through August 21 August 23.12.9 Fifth District August 22. 3.7 1 August 1.29. Asheville MSA August 219.71 3. Charlotte MSA August 1..79 Durham MSA August 19.1.77 Fayetteville MSA August 127.9 2. - Greensboro-High Point MSA August 132.23.19-1 Greenville MSA August 13.2.9 Hickory MSA August 12. 7.1-1 Jacksonville MSA August 11.33. Raleigh-Cary MSA August 1.11. -2 2 Wilmington MSA August 13.33.23 29 21 211 212 213 21 21 21 217 21 Winston-Salem MSA August 17..1 Greensboro MSA Median Home Sales Price (NAR) Median Home Sales Price - NAR (NS Period Level ($s) QoQ % Change YoY % Change 2 Year-over-Year Percent Change through Q2:1 Charlotte MSA Q2:1 22 11. 7.73 Durham MSA Q2:1 29 7.77 9. Greensboro-High Point MSA Q2:1 17.2.17 Raleigh-Cary MSA Q2:1 291.9.2 Median Home Sales Price - NAHB Period Level ($s) QoQ % Change YoY % Change Asheville MSA Q2:1 21.3.2 Charlotte MSA Q2:1 2.2 3.1 Durham MSA Q2:1 2.7.7 Fayetteville MSA Q2:1 13 3. 3. Greensboro-High Point MSA Q2:1 11 2.. Raleigh-Cary MSA Q2:1 299.91. Winston-Salem MSA Q2:1 12. 1.2 1 1 1 - -1-1
November 21 Real Estate Conditions Charlotte MSA Office Vacancy Rate Housing Opportunity Index (%) Q2:1 Q1:1 Q2:17 Through Q2:1 Asheville MSA..1 7.7 Charlotte MSA. 9.. Durham MSA.7 7.. Fayetteville MSA 73. 7. 7.7 Greensboro-High Point MSA 72. 7.2 7. Raleigh-Cary MSA 1.9..3 Winston-Salem MSA 7. 79.9 7. Commercial Vacancy Rates (%) Q2:1 Q1:1 Q2:17 Office Vacancies Raleigh/Durham 7.7.3 7.2 Charlotte 11.1 11.2 1.2 Retail Vacancies Raleigh/Durham..9.9 Raleigh/Durham CSA Industrial Vacancy Rate Charlotte.1.1. Through Q2:1 Industrial Vacancies Raleigh/Durham 7. 7.1 7. Charlotte 7. 7.7 7. 1 17 1 1 1 13 12 11 1 9 1 1 1 12 1 7