Statistics Canada reported that the total value of building permits in Canada declined 17.5% to $10.2 billion (CAD) in September, the largest monthly decline on record. This was the first time all survey components posted monthly decreases since September 2019.
News in end use
30-Year Mortgage Rate Drops Back Below 7%
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 3rd. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.95% with an average 0.8 point, down from last week when it averaged 7.08%.
Job Cuts in October Increased Month-Over-Month and Year-Over-Year, Reaching Highest Level Since February 2021
According to the Challenger, Gray & Christmas Job Cuts Report released today, US employers announced 33,843 job cuts in October. This is a 13.0% increase from the 29,989 job cuts announced in September.
US Weekly Jobless Claims Decline for the Week Ending October 29th
The US Department of Labor is reporting the advance figure for seasonally adjusted initial unemployment claims was 217,000 during the week ending October 29th; this is a decrease of 1,000 from the previous week’s revised level of 218,000.
US Residential Vacancies and Homeownership Data Released for Q3
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%.
ADP Reports Private Sector Employment Gains and Increased Compensation in October
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.
Mortgage Applications Decline for Sixth Consecutive Week
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.
Total US Construction Spending Up Month-Over-Month and Year-Over-Year in September
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.
Construction-Focused Look at Job Openings & Labor Turnover Survey for September
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.
Job Openings and Labor Turnover Summary Released for 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.