News in end use

Fannie Mae on Monday reported its Home Purchase Sentiment Index® for December had increased 3.7 points to a reading of 61.0. The index, however, remains only slight above its all-time record low, which was set in October 2022.

According to the Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI) report, which analyzes data from the ICE Mortgage Technology, mortgage credit availability decreased in December. The index has declined in nine out of the past ten months.

Statistics Canada reported today that the total value of building permits in Canada jumped 14.1% in November to $11.0 billion (CAD), ending two consecutive months of declines. On a constant dollar basis (2012=100), the total value of building permits rose 12.3%.

Redfin, the Seattle-based, technology powered real estate brokerage firm, reported on Thursday that in Q4, some sellers gave concessions to buyers in 41.9% of sales. This is the highest share of any three-month period in Redfin’s records.

The US Bureau of Labor Statistics reported today that total nonfarm payroll employment increased by 223,000 in December. Payroll employment increased by 4.5 million in 2022—an average monthly gain of 375,000. The unemployment rate dipped to 3.5%.

Statistics Canada (StatsCan) reported on Friday (1-6-23) that employment in Canada rose by 104,000, or 0.5%, in December. Employment had previously peaked in May 2022, followed by a downward trend that lasted through August. As a result of cumulative gains since then, employment in December was 130,000, or 0.7%, above its May level.

A closer look at the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS) for November reveals that the construction labor market in November experienced another month of shrinking job openings, as the housing market continued to cool.

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending January 5th. The 30-year fixed-rate mortgage averaged 6.48%, up from last week when it averaged 6.42%. A year ago at this time, the 30-year rate averaged 3.22%.

According to the November ADP® National Employment Report™ released today, nonfarm private sector employment increased by 235,000 jobs in December, and annual pay was up 7.3%, year-over-year.

According to the Challenger, Gray & Christmas, Inc. (CG&C) Job Cuts Report released today, US-based employers announced 43,651 job cuts in December, down 43% from the 76,835 announced job cuts in November.