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.
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Construction Spending for October Down Month-Over-Month but Up Year-Over-Year
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.
30- and 15-Year Mortgage Rates Decline for Third Consecutive Week
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%.
Personal Income, Disposable Income, and Personal Consumption Expenditures All Rise in October
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%.
Job Cuts in November Increased Month-Over-Month and Year-Over-Year
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.
US Weekly Jobless Claims Decrease for the Week Ending November 26th
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.
Mortgage Applications Decline in Week Ending November 25th
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.
BEA Reports Real GDP in Q3 Increased at an Annual Rate of 2.9% in Its “Second” Estimate
The Bureau of Economic Analysis released today its “second” estimate for Q3 real gross domestic product (GDP). According to the report, GDP increased at an annual rate of 2.9% in Q3. This follows declines of 0.6% in 2022Q2 and 1.6% in 2022Q1.
ADP Reports Private Sector Employment Gains and Increased Compensation in November
According to the November ADP® National Employment Report™ released today (11-30-22), nonfarm private sector employment increased by 127,000 jobs in November, and annual pay was up 7.6%, year-over-year.
Pending Homes Sales Continued to Decline in October
The National Association of Realtors® (NAR) reported on Wednesday that its Pending Homes Sales Index (PHSI) declined 4.6% in October from September to a reading of 77.1. The PHSI has dropped for the fifth consecutive month and eleven out of the past twelve months.