Economic Research
DataNinth District Monthly Summary
Data for October 2008
Summary
District economic indicators for October 2008 declined. In labor markets, unemployment rates increased while nonfarm employment fell. Wages for manufacturing jobs increased 2.7 percent across the district. Meanwhile, housing authorizations declined 20 percent from the previous year. The Ninth District Stock Market Index fell 10.7 percent in November.
Labor Markets and Wages
District labor markets weakened in October relative to October 2007. The district unemployment rate was up 0.8 percentage points to 5.3 percent compared to a 1.7 percentage point increase to 6.5 percent for the nation. Each district state saw unemployment rise, ranging from a 1.6 percentage point increase in Montana to a 0.2 percentage point increase in North Dakota.
October nonfarm employment fell 0.4 percent from a year ago in the district compared with a 0.8 percent decrease nationally. Nonfarm employment declined in Wisconsin and Minnesota by 1.0 percent and 0.6 percent respectively. In contrast, South Dakota, Montana and North Dakota saw increases in nonfarm employment of 1.2 percent, 1.2 percent and 1.3 percent respectively.
The average hourly manufacturing wage rose 2.7 percent across the district for the three-month period ended in October 2008 compared with the same period in 2007. Manufacturing wage increases ranged from 1.2 percent in South Dakota to 3.9 percent in Montana. The national increase was 2.4 percent.
Homebuilding
The three-month average for district housing unit authorizations ended in October 2008 fell 20 percent compared with the same period in 2007. The decline nationally was 34 percent. Housing unit authorizations in Montana, Wisconsin, Minnesota and South Dakota fell 35 percent, 31 percent, 27 percent and 13 percent respectively. North Dakota saw an increase of 22 percent.
Regional Stock Performance (as of December 1)
The index of regional publicly traded stocks fell 10.7 percent during November. The S&P 500 and S&P Midcap 400 fell 15.5 percent and 19.3 percent respectively.
