News in end use

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.

The University of Michigan today released the final results of its Consumer Sentiment Index for October. The Index of Consumer Sentiment increased to a reading of 59.9 in October, up from 58.6 in September. This is a month-over-month increase of 2.2%.

The Bureau of Economic Analysis released today its “advance estimate” for real GDP in 2022Q3. According to the report, GDP increased at an annual rate of 2.6%. This follows a reported decrease in Q2’s GDP annual rate of 0.6% and a 1.6% decline Q1 GDP.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 27th. The PMMS reports that the 30-year fixed-rate mortgage averaged 7.08% with an average 0.8 point, up from last week when it averaged 6.94%. This is the highest level since April 2002.