News in end use

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%.

The Federal Housing Finance Agency announced on Wednesday that both Fannie Mae and Freddie Mac (“the Enterprises”) will enhance their payment deferral policies to allow borrowers facing financial hardship to defer up to six months of mortgage payments.

The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 198,000 during the week ending on March 25th. This is an increase of 7,000 from the previous week’s unrevised level of 191,000.

The Bureau of Economic Analysis released Thursday its “Third” estimate for 2022Q4 real GDP. According to the report, real GDP increased at an annual rate of 2.6% in Q4. This follows a reported real GDP increase of 3.2% in Q3. In the “second” estimate, the increase was 2.7%.

On Wednesday, the National Association of Realtors® reported its Pending Homes Sales Index improved 0.8% month-over-month in February to a reading of 83.2. However, contract signing declined 21.1% year-over-year. The Index has now increased for three consecutive months.