News in end use

The Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.2% in April after declining 0.4% March. On an unadjusted basis, the index for final demand advanced 2.3% for the 12-month period ending in April.

The advance figure for seasonally adjusted initial unemployment claims was 264,000 during the week ending on Saturday, May 6th. This is an increase of 22,000 from the previous week’s unrevised level of 242,000.

Statistics Canada reported Wednesday that the total monthly value of building permits in Canada climbed 11.3% in March to $11.8 billion (CAD). On a constant dollar basis (2012=100), the value of building permits was up 12.2% to $6.9 billion.

The US Bureau of Labor Statistics on Wednesday reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4% in April on a seasonally adjusted basis. Over the past 12 months, the all-items index has increased 4.9% before seasonal adjustment.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending May 5th, the Market Composite Index (a measure of mortgage loan application volume) increased 6.3% on a seasonally adjusted basis from one week earlier.

The National Federation of Independent Business reported its Small Business Optimism Index (SBOI) declined by 1.1 points to a reading of 89.0 in April. This marks the sixteenth consecutive month below the survey’s 49-year average of 98.

According to the Mortgage Bankers Association, mortgage credit availability decreased in April. The MCAI fell by 0.9% to a reading of 99.6 in April. A decline in the MCAI indicates that lending standards are tightening.

The Mortgage Bankers Association (MBA) announced Tuesday the results of its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Organizations. Commercial and multifamily mortgage loan originations in 2023Q1 were 56% lower year-over-year and 42% below 2022Q4.

A closer look at the Bureau of Labor Statistics April Nonfarm Payroll report reveals that overall construction sector employment increased by 15,000 in April. This follows a reported 11,000 jobs lost in March.

Statistics Canada reported Friday that employment in Canada increased by 41,000 jobs, or 0.2%, in April. Since February 2023, monthly employment growth has averaged 33,000.