The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 190,000 during the week ending on Saturday, January 14, 2023. This is a decrease of 15,000 from the previous week’s unrevised level of 205,000.
News in end use
Producer Price Index for Final Demand Declines 0.5% in December—Up 6.2% For All of 2022
The Bureau of Labor Statistics reported today that the Producer Price Index (PPI) for final demand, seasonally adjusted, declined 0.5% in December, following a 0.2% increase in November and a 0.4% increase in October.
BC Government Announces New Manufacturing Jobs Fund to Support Employment and Resilient Economies
The British Columbia provincial government announced on Tuesday that it will be investing $90 million (CAD) over three years through the new BC Manufacturing Jobs Fund. The fund will focus on areas experiencing economic impacts from changes in the forestry sector.
Canada’s Producer Price Index and Raw Materials Price Index Decline Month-Over-Month in December
Statistics Canada reported that in December 2022, the Industrial Product Price Index declined 1.1% month-over-month but was up 7.6% year-over-year. The Raw Materials Price Index fell 3.1% month-over-month but posted a 7.5% year-over-year gain.
Mortgage Applications Increase for Second Consecutive Week
According to data from the Mortgage Bankers Association, for the ending January 13, 2023, the Market Composite Index (a measure of mortgage loan application volume) increased 27.9% on a seasonally adjusted basis from one week earlier.
US Builder Sentiment Improves in January
On Wednesday, the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes rose 4 points in January to a reading of 35.
Canadian Housing Starts Trend Lower in December
The Canada Mortgage and Housing Corporation reported on Tuesday that standalone monthly seasonally adjusted annual rate of total housing starts for all areas in Canada declined 5% in December to 248,625 units, compared to November’s 263,022 units. CMHC also reported that the SAAR of total urban starts decreased by 5%.
Home Price Growth Slows in Q4
According to the latest Fannie Mae Home Price Index, a national, repeat-transaction home price index measuring the average, quarterly price change for all single-family properties in the US (excluding condos), single-family home prices increased at a non-seasonally adjusted rate of 9.2% in 2022Q4, compared to 2021Q4.
Canadian Consumer Price Index Increases 6.3% Year-Over-Year in December
Statistics Canada reported on Tuesday that the Canadian Consumer Price Index (CPI) rose 6.3 % year-over-year in December, following a 6.8% increase in November. Excluding food and energy, prices rose 5.3% year-over-year in December, following a gain of 5.4% in November.
Commercial and Multifamily Mortgage Delinquency Rates Inch Higher in Q4
The Mortgage Bankers Association reported on Tuesday that according to their latest CREF Loan Performance Survey, delinquency rates for mortgages backed by commercial and multifamily properties increased modestly through 2022 Q4. The balance of commercial and multifamily mortgages that are not current increased in December 2022 (compared to September 2022).