News in end use

Redfin reported on Friday that homes are selling at their slowest pace since April 2020. In the four-week period ending on January 8th, the typical home sold was on the market for 44 days, which in turn has led to the largest annual inventory increase on record.

The University of Michigan on Friday released the preliminary results of its Consumer Sentiment Index for January. The Index of Consumer Sentiment rose to a reading of 64.6 in January, up from of 59.7 in December. This is a month-over-month increase of 8.2% but down 3.9% year-over-year.

The US Bureau of Labor Statistics reported on Thursday that the Consumer Price Index for All Urban Consumers (CPI-U) declined 0.1% in December, on a seasonally adjusted basis, after increasing 0.1% in November and 0.4% in both October and September.

Redfin reported today that the median US asking rent rose 4.8% year-over-year to $1,979 in December. This is the smallest increase since July 2021. December 2022 also marked the seventh straight month in which annual rent growth slowed.

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending January 12, 2023. The 30-year fixed-rate mortgage averaged 6.33%, down from last week when it averaged 6.48%. A year ago at this time, the 30-year rate averaged 3.45%.

The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 205,000 during the week ending on Saturday, January 7, 2023. This is a decrease of 1,000 from the previous week’s revised level of 206,000 (originally reported as 204,000).

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending January 6, 2023, the Market Composite Index (a measure of mortgage loan application volume) increased 1.2% on a seasonally adjusted basis from one week earlier.

The National Federation of Independent Business, one of the largest small business associations in the US, reported on Tuesday its NFIB Small Business Optimism Index (SBOI) for December 2022. The December SBOI declined 2.1 points to a reading of 89.8.

The US Federal Reserve on Monday released its latest G.19 Consumer Credit Report. Consumer credit outstanding grew to 7.1% (SAAR) in November, after climbing 7.4% SAAR in October. Revolving debt—which consists primarily of credit card debt—increased at a 16.9% rate.

Peak North America USA, a provider of construction, installation, fabrication, and manufacturing services for the forest products industry, announced on Monday (1-9-23) a new $24 million project to open a facility in Mobile County’s Irvington community.