The University of Michigan today (4-14-22) released its preliminary Consumer Sentiment Index CSI) for April. The Index of Consumer Sentiment increased to a reading of 65.7, up from the March reading of 59.4. This represents a month-over-month increase of 10.6% but is down -25.6% year-over-year (88.3 in April 2021).
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Weekly Jobless Claims Climb Higher in the Week Ending April 9, 2022
The U.S. Department of Labor is reporting that an additional 185,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday April 9, 2022. This is an increase of 18,000 from the previous week’s revised level.
Canadian Investment in Building Construction Rises in February, Setting New Record High
Statistics Canada reported today (4-13-22) that the investment in building construction in February rose 4.0% to $20.0 billion (CAD), a new record high. Most provinces reported gains, with Quebec accounting for nearly 50% of the increase. On a constant dollar basis, investment in building construction increased 3.9% to $12.7 billion.
Prices of Goods Used in Residential Construction Increase 1.4% in March—Now Up 20.4% Year-Over-Year
According to the latest Bureau of Labor Statistics (BS) Producer Price Index (PPI) report released today (4-13-22), with additional analysis provided by the National Association of Home Builders (NAHB), the prices of goods used in residential construction ex-energy (not seasonally adjusted) climbed 1.4% in March.
Mortgage Applications Drop for Fifth Consecutive Week in the Week Ending April 8, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending April 8, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -1.3 % on a seasonally adjusted basis from one week earlier.
Producer Price Index for Final Demand Increased 1.4% in March 2022
The Bureau of Labor Statistics (BLS) reported today (4-13-22) that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 1.4% in March. This rise followed advances of 0.9% in February and 1.2% in January. On an unadjusted basis, final demand prices moved up 11.2% for the 12 months ending in March.
Consumer Price Index Increases 1.2% Month-Over-Month and 8.5% Year-Over-Year in March 2022
The U.S. Bureau of Labor Statistics (BLS) reported on Tuesday (4-12-22) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 1.2% in March. This follows an 0.8% increase in February and a 0.5% in January. The all-items index continued to accelerate, rising 8.5% for the 12 months ending March.
The NFIB’s Small Business Optimism Index Declines for Third Consecutive Month in March 2022
The National Federation of Independent Business (NFIB), one of the largest small business associations in the U.S., reported today (4-12-22) that their NFIB Small Business Optimism Index decreased by -2.4 points to a reading of 93.2, the third consecutive month below the 48-year average of 98.
Fannie Mae’s Home Purchase Sentiment Index® for March Indicates Consumer Pessimism Toward Home Buying Has Grown
Fannie Mae on Thursday (4-7-22) reported its Home Purchase Sentiment Index® (HPSI) for March. According to the HPSI, consumer home purchasing sentiment declined by 2.1 points in March to a reading of 73.2. Year-over-year, the HPSI is down 8.2 points. On net, the “Good Time to Buy” component set a new survey low.
Home Prices Climb 11.3% Between January and February 2022
Home prices climbed nationally from the end of January 2022 to February 2022 at an annualized rate of 11.3%. In February, home prices across the U.S. rose at a slower pace than in January but continued to appreciate at higher rates compared to the same time last year.