News in end use

The national vacancy rate in 22Q3 was 6.0% for rental housing and 0.9% for homeowner housing. The rental vacancy rate is 0.4 percentage points higher than the rate of 5.6% in 22Q2. The homeowner vacancy rate of 0.9% was little changed from 22Q2, when it was at 0.8%.

According to the October ADP® National Employment Report™, nonfarm private sector employment increased by 239,000 jobs in October, and annual pay was up 7.7% year-over-year. The report is produced in collaboration with Stanford Digital Economy Lab.

According to data from the Mortgage Bankers Association, for the week ending October 28th, the Market Composite Index—a measure of mortgage loan application volume—decreased 0.5% on a seasonally adjusted basis from one week earlier.

On Tuesday, the US Census Bureau reported that total construction spending during September was estimated at a seasonally adjusted annual rate of $1,811.1 billion, 0.2% above the revised August estimate of $1,807.0 billion.

A closer look at the Job Openings and Labor Turnover Survey (JOLTS) for September, with a focus on the construction sector, shows that hiring in the construction sector remained solid at a 4.7% rate in September.

On Tuesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for September. As of the last business day in September, the number of job openings increased to 10.7 million.

According to the latest Housing Trends Report, in 22Q3 prospective home buyers were more likely to have higher levels of income and education than earlier in the year. This information helps explain why affordability expectations have improved.

Statistics Canada reported on Frida that real GDP edged up 0.1% in August, following a similar 0.1% increase in July. The 0.3% increase in services-producing industries was partially offset by a 0.3% decline in goods-producing industries.

The US Bureau of Economic Analysis reported on Friday that according to its estimates, personal income increased 0.4% in September; disposable personal income increased 0.4%; and personal consumption expenditures (PCE) increased 0.6%.

The National Association of Realtors® reported on Friday that their Pending Homes Sales Index declined 10.2% in September from August to a reading of 79.5 (2001=100). The PHSI has now declined ten times in the past eleven months.