News in end use

The US Bureau of Labor Statistics today reported that total nonfarm payroll employment increased by 263,000 in November. The unemployment rate was unchanged at 3.7% and has been in a narrow range of 3.5% to 3.7% since March.

Redfin is reporting that a record 2% of US homes for sale were delisted each week on average during the 12-weeks ending November 20th. During the same period in 2021, the delisting rate was 1.6%. The share has come down slightly since November 20th.

Statistics Canada reported today that employment in Canada was little changed in November, adding just 10,000 new positions. This follows an increase of 108,000, or 0.6%, in October. Employment increased in Quebec but declined in five provinces.

A closer look at the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS) for October reveals that the construction labor market experienced a decline in job openings as the housing market continued to slow. Open construction positions fell from 423,000 in September to 371,000 in October.

On Thursday, the US Census Bureau reported that total construction spending during October 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,794.9 billion, 0.3% below the revised September estimate of $1,800.1 billion.

Freddie Mac has released its Primary Mortgage Market Survey® (PMMS) for the week ending December 1st. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 6.49%, down from last week when it averaged 6.58%.

The US Bureau of Economic Analysis reported on Thursday that, according to estimates, personal income increased 0.7% in October. Disposable personal income increased 0.7%. Personal consumption expenditures increased 0.8%.

According to the Challenger, Gray & Christmas Job Cuts Report released today, US-based employers announced 76,835 job cuts in November. This is a 127.0% increase from the 33,843 job cuts announced in October.

The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 225,000 during the week ending on Saturday, November 26th. This is a decrease of 16,000 from the previous week’s revised level of 241,000.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending November 25, the Market Composite Index (a measure of mortgage loan application volume) decreased 0.8% on a seasonally adjusted basis from one week earlier.