News in end use

Total construction spending during April was estimated at a seasonally adjusted annual rate of $1908.4 billion, 1.2% above the revised March estimate of $1,780.9 billion.

Redfin reported that real estate investors purchased 48.6% fewer homes year-over-year in 2023Q1, as elevated interest rates—coupled with declining rents and housing values—removed some profits.

The 30-year fixed-rate mortgage averaged 6.79%, up from last week when it averaged 6.57%. The 15-year fixed-rate mortgage averaged 6.18%, up from last week when it averaged 5.97%.

According to the ADP® National Employment Report™, nonfarm private sector employment increased by 278,000 jobs in May, and annual pay was up 6.5% year-over-year.

According to the Challenger, Gray & Christmas, Inc. Job Cuts Report, US-based employers announced 80,089 job cuts in May, a 20% increase from the 66,995 job cuts reported in April. Year-over-year, cuts were 287% higher.

The advance figure for seasonally adjusted initial unemployment claims was 232,000 during the week ending on Saturday, May 27th. This is an increase of 2,000 from the previous week’s revised level of 230,000.

According to the Mortgage Bankers Association’s Market Composite Index, mortgage loan application volume declined 3.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5.0%.

A closer look at Wednesday’s Job Openings and Labor Turnover Survey, with additional analysis provided by the NAHB, reveals that the construction labor market experienced an increase in job openings in April.

US house prices increased 4.3% between 2022Q1 and 2023Q1. House prices were up 0.5% when compared to 2022Q4. FHFA’s seasonally adjusted monthly index for March was up 0.6% month-over-month.

As of the last business day in April, the number of job openings and rate increased to 10.1 million (up 358,000) and 6.1%, respectively. The number of hires was little changed at 6.1 million, and the hire rate held steady at 3.9%