The number of Canadians receiving regular Employment Insurance benefits totaled 489,000 in July, up 2.2%, or 11,000, from a month earlier.
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US Housing Starts, Building Permits, and Completions Climb in August
Housing starts in August were at a seasonally adjusted annual rate of 1,356,000. This is 9.6% above the revised July estimate and 3.9% above the August 2023 rate.
Federal Reserve Announces 0.5% Rate Cut, The First Since March 2020
In light of the progress on inflation and the balance of risks, the Committee decided to lower the target range for the federal funds rate by 0.50% to 4.75–5.00%.
Investment in Canadian Building Construction Falls 1.7% in July
Investment in Canadian building construction declined 1.7% to $20.9 billion (CAD) in July, following an increase of 2.7% in June.
Mortgage Applications Rise in the Week Ending September 13th—Fourth Consecutive Increase
Mortgage loan application volume increased 14.2% on a seasonally adjusted basis from one week earlier, MBA reported.
Canadian Housing Starts Decrease 22% in August
The total monthly SAAR of housing starts decreased 22% to 217,405 units in August, down from 279,804 units in July, CMHC reported.
US Home Prices Increase 6.7% Year-Over-Year in August
US home prices grew 0.5% in August on a seasonally adjusted basis, the largest month-over-month increase since April, Redfin reported.
Mortgage Applications for New-Home Purchases Unchanged in August
Mortgage applications for new-home purchases were unchanged month-over-month but were up 4.4% year-over-year in August, MBA reported.
US Builder Confidence Inches Higher in September as Mortgage Rates Decline
The NAHB/Wells Fargo Housing Market Index increased 2 points to a reading of 42 in September.
Canadian Consumer Price Index Increases 2.0% Year-Over-Year in August
The Canadian Consumer Price Index (CPI) increased 2.0% year-over-year in August. This the slowest pace since February 2021.