News in end use

In September, Canadian employment rose by 64,000, or 0.3%. This follows an increase of 40,000, or 0.2%, in August.

During the first 6 months of 2023, housing supply in Canada’s biggest cities grew by only 1% year-over-year, according to the Canada Mortgage and Housing Corporation.

The 30-year fixed-rate mortgage averaged 7.49%, up from last week when it averaged 7.31%, according to Freddie Mac.

The advance figure for seasonally adjusted initial unemployment claims was 207,000 during the week ending September 30th, an increase of 2,000.

US-based employers announced 47,457 job cuts in September, down 37% from August, according to Challenger, Gray & Christmas, Inc.

Private residential construction spending increased 0.6% in August, the fourth consecutive increase since May, according to the National Association of Home Builders.

Mortgage loan application volume decreased 6.0% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association.

According to Realtor.com, the number of new apartments starting development has fallen significantly this year, a result of higher interest rates, declining rents, and some overbuilding.

According to the ADP® National Employment Report™, nonfarm private sector employment increased by 89,000 jobs in September and annual pay was up 5.9% year-over-year.

The construction labor market continued to slow in August, according to analysis of the JOLTS report by the National Association of Home Builders.