News in end use

On Monday, President Biden signed a resolution that ends the presidentially declared national emergency for the COVID-19 pandemic that has been in place for over three years, according to “HousingWire.” Originally, the emergency declaration was scheduled to expire on May 11th.

According to the Federal Reserve’s latest G.19 Consumer Credit report released on Friday, total US consumer credit outstanding totaled $4.78 trillion in February, a decrease of $12 billion over the month but $300 billion higher than February 2022.

Fannie Mae on Friday reported the results of its Home Purchase Sentiment Index® (HPSI) for March. The HPSI increased 3.3 points in March to a reading of 61.3, but it still remains only slightly above its all-time low set late in late 2022.

Redfin reported that, although elevated mortgage rates continue to diminish homebuying demand, low inventory in some parts of the US means homes are selling fast. New listings fell 21.8% from a year earlier during the four-week period ending April 2nd.

A closer look at the Bureau of Labor Statistics nonfarm payroll report for March reveals that both residential and non-residential employment totaled 7.9 million and exceeds its February 2020 level.

The US Bureau of Labor Statistics reported Friday that total nonfarm payroll employment increased by 236,000 in March, compared with an average monthly gain of 334,000 over the prior 6 months.

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending April 6th. The 30-year fixed-rate mortgage averaged 6.28%, down from last week when it averaged 6.32%. A year ago at this time, the 30-year rate averaged 4.72%.

The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 228,000 during the week ending on Saturday, April 1st. This is a decrease of 18,000 from the previous week’s revised level of 246,000.

According to the Challenger, Gray & Christmas, Inc. (CG&C) Job Cuts Report released Thursday, US-based employers announced 89,703 job cuts in March. This is up 15% from the 77,770 announced job cuts in February.

Statistics Canada reported Thursday that in March, employment grew by 35,000, or 0.2%. Employment has generally been on an upward trend since September 2022; and since then, employment has increased by 383,000, or 1.9%.