News in end use

On Tuesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for March. As of the last business day in March, the number and rate of job openings declined to 9.6 million (a loss of 384,000) and 5.8%, respectively.

On Monday, the US Census Bureau reported that total construction spending during March was estimated at a seasonally adjusted annual rate (SAAR) of $1,834.7 billion, 0.3% above the revised February estimate of $1,829.6 billion. The March figure is 3.8% above the March 2022 estimate of $1,768.2 billion.

According to the Joint Center for Housing Studies of Harvard University, annual spending on improvements and repairs to owner-occupied homes is expected to decline by early 2024. The LIRA projects that year-over-year expenditures for homeowner improvements and maintenance will post a modest 2.8% decline through 2024Q1.

Redfin reported on Friday that in the four-week period ending on April 23rd, new listings of homes for sale fell 22.4% nationwide from a year earlier. This is one of the largest declines since the start of the pandemic.

The Mortgage Bankers Association (MBA) reported on Thursday that according to its Purchase Applications Payment Index (PAPI), homebuyer affordability declined in March. The national median payment applied for by applicants increased 1.6% to $2,093.

The US Bureau of Economic Analysis reported on Friday that personal income (PI) increased 0.3%, in March. Disposable personal income (DPI) increased 0.4%. Personal consumption expenditures (PCE) increased less than 0.1%.

Statistics Canada reported Friday that real GDP inched 0.1% higher in February, following a 0.6% increase in January. Both service-producing and goods-producing industries edged up 0.1%.

The University of Michigan on Friday released the final results of its Consumer Sentiment Index for April. The Index of Consumer Sentiment increased to a reading of 63.5 in April, a month-over-month increase of 2.4%.

The National Association of Realtors® reported its Pending Homes Sales Index (PHSI) declined 5.2% from February to March to a reading of 78.9. Year-over-year, contract signing declined 23.2%. An index of 100 is equal to the level of contract activity in 2001.

The Bureau of Economic Analysis released Thursday its “advance” estimate for Q1 real GDP. According to the report, GDP increased at an annual rate of 1.1%. This follows a reported real GDP increase of 2.6% in 2022Q4.