News in end use

According to the ADP® National Employment Report™ released today, nonfarm private sector employment increased by 145,000 jobs in March and annual pay was up 6.9%, year-over-year. The report is produced by the ADP Research Institute® in collaboration with Stanford Digital Economy Lab.

Statistics Canada reported Tuesday that the total value of building permits in Canada advanced 8.6% to $10.7 billion (CAD) in February. Seven provinces reported monthly increases. On a constant dollar basis (2012=100), the total value of building permits rose 8.2% to $6.4 billion.

The British Columbia provincial government has introduced a multibillion-dollar plan to construct more homes as quickly as possible in the hopes of alleviating the current housing crisis, according to CKPGToday. The “Homes for People” plan starts with a $4-billion investment over three years.

On Wednesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for February. As of the last business day in February the number and rate of job openings declined to 9.9 million (a loss of 632,000) and 6.0%, respectively.

On Monday, the US Census Bureau reported that total construction spending during February was estimated at a seasonally adjusted annual rate (SAAR) of $1,844.1 billion, 0.1% below the revised January estimate of $1,845.4 billion.

Redfin is reporting that house hunters are returning to the market as mortgage rates and prices continue to decline. Mortgage-purchase applications increased for the fourth consecutive week, and Redfin’s Homebuyer Demand Index is at its highest level since May 2022.

The US Bureau of Economic Analysis reported on Friday that, according to its estimates, personal income (PI) increased 0.3% in February. Disposable personal income (DPI) increased 0.5%, and personal consumption expenditures (PCE) increased 0.2%.

Statistics Canada reported Friday that real GDP in Canada rose 0.5% in January, following a slight contraction of 0.1% in December 2022. Goods-producing industries were up 0.4%, while services-producing industries were up 0.6%. In January, 17 of 20 industrial sectors posted increases.

The University of Michigan on Friday released the final results of its Consumer Sentiment Index for March. The Index of Consumer Sentiment declined to a reading of 62.0 in March, down from 67.0 in February. This is a month-over-month decrease of 7.5% but up 4.4% year-over-year.

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 30th. The 30-year fixed-rate mortgage averaged 6.32%, down from last week when it averaged 6.42%. A year ago at this time, the 30-year rate averaged 4.67%.