News in end use

US-based employers announced 72,821 cuts in September, a 4% decrease from August, Challenger, Gray & Christmas reported.

Mortgage loan application volume decreased 1.3% on a seasonally adjusted basis from one week earlier, MBA reported.

Private sector employment increased by 143,000 jobs in September, ADP reported.

Private residential construction spending declined 0.3% in August, the Census Bureau and NAHB reported.

Total construction spending in August was estimated at a seasonally adjusted annual rate of $2,131.9 billion, 0.1% below the revised July rate.

The number of open construction sector jobs rebounded from a revised, soft reading of 232,000 in July to 370,000 in August, BLS and NAHB reported.

As of the last business day in August, the number of job openings was 8.0 million. Year-over-year, the measure was down 1.3 million.

Redfin reported that US homebuyers need to earn $76,995 per year to afford the median priced starter home (with a value of $250,000).

Redfin reported that just 25 out of every 1,000 US homes changed hands during the first 8-months of the year, the lowest turnover rate in decades.

The Mortgage Bankers Association Purchase Applications Payment Index decreased 3.9% to a reading of 160.7 in August, down from 167.2 in July.