The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6% in August on a seasonally adjusted basis.
News in end use
US Consumer Credit Outstanding Growth Slowed in July
Consumer credit outstanding growth slowed to a SAAR of 2.5% in July, down from 3.4% in June, according to the Federal Reserve and NAHB.
Smurfit Kappa Reaches Agreement to Purchase WestRock, Creating World’s Largest Paper and Packaging Company
Ireland’s Smurfit Kappa has reached an agreement to purchase WestRock for an agreed $11 billion to create the world’s largest paper and packaging company, Reuters reported.
Mortgage Credit Availability Increases in August
The Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI) increased 0.3% to a reading of 96.6 in August.
Late-Summer Homebuying Slowdown Brings Additional Options to Potential Buyers
Zillow data shows that sellers listed nearly 350,000 homes for sale across the US in August, approximately 4% more than in July.
Asking Rents Remained High in August, but Some Landlords Are Now Offering Concessions
Redfin reported that the median US asking rent was $2,052 in August, just $2 below the record high set a year earlier. The median rent is up 0.7% from July.
NFIB Small Business Optimism Index Declines in August
The NFIB Small Business Optimism Index declined 0.6 points to a reading of 91.3 in August.
New US Single-Family Spec Home Lot Sizes Continued to Shrink in 2022
42% of new single-family detached homes sold in 2022 were built on lots under 7,000 square feet (less than 0.16 of an acre), according to the Census Bureau and NAHB.
Canada and Ontario Investing in Affordable Housing Units
Canada, Ontario, and the regional Municipality of Halton have announced over $45 million (CAD) in funding to construct 52 affordable housing units in Oakville, Ontario.
Acquisition, Development, and Construction Loan Volumes Decline in Q2
Rising interest rates and tightening financial conditions contributed to a decline in the volume AD&C loans during Q2, the National Association of Home Builders reported.