News in end use

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.

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.

The construction labor market experienced an increase in job openings in May, following a downward revision to April’s estimate.

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.

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.

Redfin reported that the average US sale-to-list price ratio surpassed 100% for the first time in nearly a year during four-week period ending July 2nd.