The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 186,000 during the week ending on Saturday, January 21, 2023. This is a decrease of 6,000 from the previous week’s revised level of 192,000.
News in end use
FEA’s Paul Jannke Provides His 2023 Lumber Markets Outlook
In a featured article appearing in the Canadian Forestry Newsletter on January 25, 2023, Forest Economic Advisors (FEA) lumber analyst and principal Paul Jannke has provided his expert insight and in-depth analysis of the lumber markets for 2023.
State-Level Analysis of Construction Employment for December
A closer look at the Bureau of Labor Statistics December nationwide total nonfarm payroll report, with a focus on state-by-state construction jobs, reveals that across the 48 states which reported construction job data, 28 states reported a month-over-month increase in December.
Mortgage Applications Increase for Third Consecutive Week
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending January 20, 2023, the Market Composite Index (a measure of mortgage loan application volume) increased 7.0% on a seasonally adjusted basis from one week earlier.
US LBM Announces Sale of Three Divisions to L&W Supply
US LBM announced on Monday that it had reached a definitive agreement to sell three of the company’s operating divisions to L&W Supply, an operating unit of ABC Supply. US LBM is a leading distributor of specialty building materials with over 400 locations throughout the US.
Shares of Mortgage Loans in Forbearance Remained Unchanged in December
According to the Mortgage Bankers Association’s (MBA) new Loan Monitoring Survey (LMS), the total number of loans now in forbearance was unchanged from November’s reading of 0.70%, as of December 31, 2022. This marks the third consecutive month of the LMS being unchanged.
US Leading Economic Index® Declined Again in December, The Conference Board Reports
The Conference Board released today the Leading Economic Index® (LEI) for the US in December. The LEI declined 1.0% in December to a reading of 110.5 (2016=100), following a 1.1% decline in November. The LEI has dropped 4.2% over the six-month period from June to December.
Building Materials Costs Decline Month-Over-Month in December
A closer look at the Bureau of Labor Statistics December Producer Price Index (PPI) report reveals that the prices of goods used in residential construction ex-energy and not seasonally adjusted declined 0.3% in December—the fourth consecutive monthly decline.
Lower Mortgage Rates Rejuvenate Buyer Interest, and Home Sale Prices Are on the Rise
Redfin reported on Thursday that in the four weeks ending January 15th, the median US home-sale price increased 0.9% from a year earlier to $350,250. This is the biggest increase in a month.
New Home Mortgage Applications Declined Month-Over-Month and Year-Over-Year in December
The Mortgage Bankers Association reported on Friday that data from its Builder Application Survey for December revealed mortgage applications for new home purchases decreased 5% month-over-month and 25.2% year-over-year.