News in end use

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, February 25th. This is a decrease of 2,000 from the previous week’s unrevised level of 192,000. The 4-week moving average was 193,000.

On Wednesday, the US Census Bureau reported that total construction spending during January was estimated at a seasonally adjusted annual rate of $1,825.7 billion, 0.1% below the revised December estimate of $1,827.5 billion. The January figure is 5.7% above the January 2022 estimate of $1,726.6 billion.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending February 24th, the Market Composite Index (a measure of mortgage loan application volume) decreased 5.7% on a seasonally adjusted basis from one week earlier.

The Federal Housing Finance Agency reported today its House Price Index for December, as well as all of 2022Q4. Seasonally adjusted home prices in December were down 0.1% from November.

On Tuesday, S&P Dow Jones Indices released its S&P CoreLogic Case-Shiller US National Home Price NSA Index for December. Home prices experienced a 5.8% annual gain in December, down from a 7.6% annual gain in November.

The Conference Board released today its Consumer Confidence Index® for February. The CCI declined to 102.9 (1985=100), down from a revised reading of 106.0 in January.

Statistics Canada reported today that Canadian real GDP declined 0.1% in December, following a 0.1% increase in November. Goods-producing industries fell 0.6%, while service-producing industries remained unchanged.

On Monday, the National Association of Realtors® reported its Pending Homes Sales Index improved 8.1% month-over-month in January to a reading of 82.5. The PHSI has now increased for two consecutive months. Year-over-year, contract signings have declined 24.1%.

Information from the US Census Bureau’s latest Survey of Market Absorption of New Multifamily Units, with further analysis provided by the National Association of Home Builders, reveals that the multifamily market continues experience high demand, with apartment completions reaching their highest point since 2021Q3.

The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index (PAPI), homebuyer affordability declined in January, as the national median payment applied for by applicants increased 2.3% to $1,964 from $1,920 in December 2022.