News in end use

The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 211,000 during the week ending on Saturday, March 4th. This is an increase of 21,000 from the previous week’s unrevised level of 190,000.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the ending March 3rd, the Market Composite Index (a measure of mortgage loan application volume) increased 7.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 9.0%.

According to the January ADP® National Employment Report™ released Wednesday, nonfarm private sector employment increased by 242,000 jobs in February and annual pay was up 7.2% year-over-year. The report is produced by the ADP Research Institute® in collaboration with Stanford Digital Economy Lab.

On Wednesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for January. According to the JOLTS report, as of the last business day in January the number and rate of job openings declined to 10.8 million (a loss of 410,000) and 6.5%, respectively.

Fannie Mae has released its Home Purchase Sentiment Index® (HPSI) for February. The HPSI fell 3.6 points in February to a reading of 58.0. The decline ends a streak of three consecutive monthly gains, returning the HPSI closer to its all-time survey low set in October 2022.

Redfin is reporting that US home-sale prices have declined year-over-year for the first time in more than a decade. The typical house sold for $350,246 during the four weeks ending February 26th, down 0.6% from a year ago, marking the first time prices have declined since 2012.

Statistics Canada reported on Friday that the total monthly value of building permits in Canada declined 4.0% in January to $9.8 billion (CAD). On a constant dollar (2012=100) the total value of building permits dropped 3.2% to $5.8 billion.

Redfin reported on Friday that approximately one in five (21%) US homes for sale in 2022 were affordable for the typical household. That is down from two in five (40%) in 2021, and it is the lowest share on record. “Housing affordability is at the lowest level in history.”

Analysis provided by the National Association of Home Builders (NAHB) shows that during 2022Q4, residential construction loan volume reached a post-Great Recession high, as home building activity and new home sales remained below trend.

A closer look at the US Census Bureau’s Construction Spending report released on Wednesday, with additional analysis provided by the National Association of Home Builders, reveals that spending on private residential construction declined 0.6% in January. Single-family home construction declined 1.7%.