Statistics Canada (StatsCan) reported today (4-14-22) that manufacturing sales increased for the fifth consecutive month in February, rising 4.2% to $67.7 billion (CAD) on higher sales in 14 of 21 industries. Sales in constant dollars increased 2.2% in February. Total manufacturing sales rose 19.5% on a year-over-year basis in February.
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Mortgage Rates Top 5.0% in Week Ending April 14, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 14, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.00% with an average 0.8 point. The 15-year fixed-rate mortgage averaged 4.17% with an average 0.9 point, up from last week when it averaged 3.91%.
University of Michigan Preliminary Consumer Sentiment Index for April 2022 Posts Surprising Gain
The University of Michigan today (4-14-22) released its preliminary Consumer Sentiment Index CSI) for April. The Index of Consumer Sentiment increased to a reading of 65.7, up from the March reading of 59.4. This represents a month-over-month increase of 10.6% but is down -25.6% year-over-year (88.3 in April 2021).
Weekly Jobless Claims Climb Higher in the Week Ending April 9, 2022
The U.S. Department of Labor is reporting that an additional 185,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday April 9, 2022. This is an increase of 18,000 from the previous week’s revised level.
Canadian Investment in Building Construction Rises in February, Setting New Record High
Statistics Canada reported today (4-13-22) that the investment in building construction in February rose 4.0% to $20.0 billion (CAD), a new record high. Most provinces reported gains, with Quebec accounting for nearly 50% of the increase. On a constant dollar basis, investment in building construction increased 3.9% to $12.7 billion.
Prices of Goods Used in Residential Construction Increase 1.4% in March—Now Up 20.4% Year-Over-Year
According to the latest Bureau of Labor Statistics (BS) Producer Price Index (PPI) report released today (4-13-22), with additional analysis provided by the National Association of Home Builders (NAHB), the prices of goods used in residential construction ex-energy (not seasonally adjusted) climbed 1.4% in March.
Mortgage Applications Drop for Fifth Consecutive Week in the Week Ending April 8, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending April 8, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -1.3 % on a seasonally adjusted basis from one week earlier.
Producer Price Index for Final Demand Increased 1.4% in March 2022
The Bureau of Labor Statistics (BLS) reported today (4-13-22) that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 1.4% in March. This rise followed advances of 0.9% in February and 1.2% in January. On an unadjusted basis, final demand prices moved up 11.2% for the 12 months ending in March.
Consumer Price Index Increases 1.2% Month-Over-Month and 8.5% Year-Over-Year in March 2022
The U.S. Bureau of Labor Statistics (BLS) reported on Tuesday (4-12-22) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 1.2% in March. This follows an 0.8% increase in February and a 0.5% in January. The all-items index continued to accelerate, rising 8.5% for the 12 months ending March.
The NFIB’s Small Business Optimism Index Declines for Third Consecutive Month in March 2022
The National Federation of Independent Business (NFIB), one of the largest small business associations in the U.S., reported today (4-12-22) that their NFIB Small Business Optimism Index decreased by -2.4 points to a reading of 93.2, the third consecutive month below the 48-year average of 98.