News in end use

The US Census Bureau reported on Tuesday that privately‐owned housing starts in August were at a seasonally adjusted annual rate (SAAR) of 1,575,000. This is 12.2% above the revised July estimate of 1,404,000 but 0.1% below the August 2021 rate of 1,576,000.

Statistics Canada reported today that the Consumer Price Index (CPI) increased 7.0% on a year-over-year basis in August, down from July’s 7.6% gain. This was the second consecutive slowdown in the year-over-year price growth.

The Mortgage Bankers Association reported today its Builder Application Survey (BAS) data for August 2022. The BAS shows that mortgage applications for new homes purchased in August declined 10.1% year-over-year. When compared to July of 2022, applications increased by 17%.

According to the new monthly Mortgage Bankers Association Loan Monitoring Survey, the total number of loans now in forbearance decreased by 2 basis points, from 0.74% of servicers’ portfolio volume in the prior month to 0.72% as of August 31.

According to the latest report from Redfin, seasonally adjusted new listings of homes for sale declined 8% month-over-month in August to their lowest level since May 2020. Prior to the pandemic, there hadn’t been so few homes listed in the market since 2012.

Statistics Canada reported today that the Industrial Product Price Index (IPPI) fell 1.2% month-over-month in August, its third consecutive monthly drop. Prices of raw materials, as measured by the Raw Materials Price Index (RMPI), declined 4.2% on a monthly basis in August.

The Bureau of Labor Statistics’ (BLS) nationwide total nonfarm payroll employment summary for August with a state-by-state overview and a focus on construction reveals that nonfarm payroll employment increased month-over-month in 37 states in August compared to the previous month, while 13 states and DC lost jobs in August.

The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes tumbled 3-points lower in September to a reading of 46. This marks the ninth consecutive monthly decline.

The Canadian Mortgage and Housing Corporation announced that the trend in housing starts in August was 267,309 units, up from 264,467 units reported in July. This “trend” measure is a six-month moving average of the monthly seasonally adjusted annual rates.

The Index of Consumer Sentiment increased to a reading of 59.5 in September, up from its reading of 58.2 in August. This is month-over-month increase of 2.2% but down 18.3% year-over-year (72.8 in September 2021).