News in end use

The advance figure for seasonally adjusted initial unemployment claims was 248,000 during the week ending Saturday, August 5th. This is an increase of 21,000 from the previous week’s unrevised level of 227,000.

Statistics Canada reported that the total monthly value of building permits in Canada increased 6.1% in June to $11.6 billion (CAD), with a substantial monthly increase of 67.2% in the non-residential institutional component.

Mortgage loan application volume decreased 3.1% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association. On an unadjusted basis, the Index decreased 4.0%.

Consumer credit outstanding growth slowed to 4.0% in 2023Q2 (SAAR), according to the US Federal Reserve and analysis by the National Association of Home Builders.

According to the Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI) report, mortgage credit availability declined 0.3% in July.

The average length of time to complete construction of a multifamily building in 2022, after receiving authorization, was 2.3 months longer than in 2021, according to the Census Bureau and NAHB.

The National Federation of Independent Business Small Business Optimism Index increased 0.9 points to a reading of 91.9 in July. This is the 19th consecutive month that it has been below the 49-year average of 98.

The Fannie Mae Home Purchase Sentiment Index® increased slightly in July, as consumers’ confidence regarding their personal financial situation was largely offset by further pessimism toward homebuying conditions.

Redfin reported that during the four-week period ending on July 30th, the typical US homebuyer’s monthly mortgage payment was $2,605 per month. That is up 19% year-over-year.

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.