News in end use

Total nonfarm payroll employment increased by 187,000 in July. July’s increase is significantly less than the average monthly gain of 312,000 over the prior 12 months.

Statistics Canada reported that employment in July was virtually unchanged, posting a loss of 6,000 jobs, or 0.0%. From January to July, monthly employment growth has averaged 22,000.

Nonresidential construction spending increased 0.1% month-over-month in June, according to the US Census Bureau and analysis by Associated Builders and Contractors.

Freddie Mac says the 30-year fixed-rate mortgage averaged 6.90%, up from last week when it averaged 6.81%.

US-based employers announced 23,697 job cuts in July, according to Challenger, Gray & Christmas, Inc. This is down 42% from June.

The advance figure for seasonally adjusted initial unemployment claims was 227,000 during the week ending Saturday, July 29th. This is an increase of 6,000 from the previous week’s unrevised level.

The national vacancy rates in Q2 were 6.3% for rental housing and 0.7% for homeowner housing. Year-over-year, the Q2 rental vacancy rate of 6.3% was higher than the 5.6% rate in 2022Q2.

According to the Mortgage Bankers Association, mortgage loan application volume decreased 3.0% on a seasonally adjusted basis from one week earlier.

The construction labor market experienced little change in the number of job openings in June. The count of open construction jobs declined to 374,000.

Nonfarm private sector employment increased by 324,000 jobs in July and annual pay was up 6.2% year-over-year, according to the ADP® National Employment Report™.