According to the Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI) report, mortgage credit availability increased by 0.1% in June.
News in end use
Consumer Credit Growth Slowed to a 30-Month Low in May, The Fed Reports
Consumer credit outstanding growth slowed to a 30-month low of 1.8% in May (SAAR). Revolving credit grew at 8.2%, but nonrevolving credit contracted 0.4%. Total consumer credit outstanding stands at $4.82 trillion (NSA).
NFIB’s Small Business Optimism Index Increases in June, But Remains Below 49-Year Average
The National Federation of Independent Business’ Small Business Optimism Index increased 1.6 points to a reading of 91.0 in June. This is the eighteenth consecutive month that the SBOI has been below the 49-year average reading of 98.
Total Value of Canadian Building Permits Increased 10.5% in May
The total monthly value of building permits in Canada increased 10.5% in May to $10.5 billion (CAD). The total monthly value of residential permits rose 8.5% to $6.8 billion.
Cost of Building a Home in Canada Has Never Been Higher
According to Ontario Construction News and the Royal Bank of Canada, the cost of building a home in Canada has never been higher. Since the start of the COVID-19 pandemic in Canada, costs are up 51%.
Construction Employment Increases in June; Unemployment Ticks Up Slightly but Remains Near Record Low
Construction industry employment increased by 23,000 jobs in June. Year-over-year, employment has risen by 198,000, or 2.6%, to 7.947 million.
Fannie Mae’s Home Purchase Sentiment Index Increases Slightly in June
The Fannie Mae Home Purchase Sentiment Index® increased by 0.4 points to a reading of 66.0 in June, as challenging supply and affordability conditions continue to weigh on the housing market.
Construction Sector Employment Increases in May
The construction labor market experienced an increase in job openings in May, following a downward revision to April’s estimate.
US Nonfarm Payroll Increases by 209,000 in June; Unemployment Declines to 3.6%
Total nonfarm payroll employment increased by 209,000 in June. The unemployment rate changed little at 3.6%, and the number of unemployed persons was mostly flat at 6.0 million.
Canadian Employment Increases but So Does Unemployment in June
Employment in Canada in June increased by 60,000, or 0.3%, following little change in May. The increase was the largest since January. Employment growth had moderated from February to May.