News in end use

The Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.1% in June, after declining 0.4% in May. On an unadjusted basis, the index for final demand advanced 0.1% for the twelve-month period ending in June.

The advance figure for seasonally adjusted initial unemployment claims was 237,000 during the week ending on Saturday, July 8th. This is a decrease of 12,000 from the previous week’s revised level of 249,000. The 4-week moving average was 246,750.

According to the Mortgage Bankers Association, mortgage loan application volume increased 0.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 19.0%.

The Consumer Price Index for All Urban Consumers increased 0.2% in June on a seasonally adjusted basis. Over the past 12 months, the all-item index increased 3.0% before seasonal adjustment.

According to the Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI) report, mortgage credit availability increased by 0.1% in June.

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).

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.

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.

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 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.