News in end use

The Associated Builders and Contractors reported on Tuesday that its Construction Backlog Indicator declined to 8.7 months in March. However, the reading is 0.4 months higher than a year ago. The backlog is now at its lowest level since August 2022.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the ending April 7th, the Market Composite Index—a measure of mortgage loan application volume—increased 5.3% on a seasonally adjusted basis from one week earlier.

The US Bureau of Labor Statistics on Wednesday reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1% in March, on a seasonally adjusted basis. Over the past 12 months, the all-item index has increased 5.0% before seasonal adjustment.

The National Federation of Independent Business reported on Tuesday its Small Business Optimism Index (SBOI) for March increased 0.8 points to a reading of 90.1. This marks the fifteenth consecutive month that the SBOI has been below the 49-year average reading of 98.

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.