Statistics Canada (StatsCan) reported today that in Q2 of 2022, real GDP in Canada increased 0.8%. The increase marks the fourth consecutive quarterly Canadian GDP growth. Final domestic demand rose by 0.7% in Q2, following a 0.9% increase in Q1 2022.
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Mortgage Applications Continued to Decline in the Week Ending August 26, 2022
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending August 26, the Market Composite Index (a measure of mortgage loan application volume) decreased 3.7% on a seasonally adjusted basis from one week earlier.
ADP Reports Private Sector Employment Gains and Increased Compensation in August
According to the August ADP® National Employment Report™ released today, nonfarm private sector employment increased by 132,000 jobs in August, and annual pay was up 7.6%. The report is produced by the ADP Research Institute® in collaboration with Stanford Digital Economy Lab.
US Home Price Gains Continued to Decelerate in June 2022
On Tuesday, S&P CoreLogic Case-Shiller released its US National Home Price NSA Index for June. The Index, which covers all nine US Census divisions, reported that home prices experienced a 18.0% annual gain in June, down from 19.1% in May and down from a 20.6% annual gain in April.
US House Prices Increased 17.7% Year-Over-Year in Q2 2022, FHFA Reports
According to the latest Federal Housing Finance Agency (FHFA) House Price Index, nationwide US home prices rose 17.7% from Q2 2021 to Q2 2022. House prices were up 4.0% when compared to Q1 2022. The FHFA’s seasonally adjusted monthly index for June 2022 was up 0.1% from May 2022.
The Conference Board’s Consumer Confidence Index Moves Higher in August
The Conference Board released today their Consumer Confidence Index® (CCI) for August 2022. After three consecutive months of declines, the CCI increased in August. The Index now stands at 103.2 (1985=100), up from its July reading of 95.3.
Job Openings and Labor Turnover Summary Released for July 2022
On Tuesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for July 2022. According to the JOLTS report, as of the last day in July, the number and rate of job openings was little changed at 11.2 million and 6.9 percent, respectively.
Apartment Construction in US at Highest Level in Five Decades
According to RentCafe, by the end of 2022 there is expected to be 420,000 or more new apartments built in the US. This will mark the first time since 1972 that apartment deliveries have exceeded 400,000 units.
New Listings of Homes For Sale Dropped 15% Year-Over-Year in 4-Week Period Ending August 21, 2022
Redfin reported on Thursday that in the four-week period ending August 21st, new listings of homes fell 15% year-over-year. This marks the largest annual decline since the start of the COVID-19 pandemic.
Inflation Continues to Impact Personal Income and Outlays in July
Personal income increased $47.0 billion, or 0.2%, in July. Disposable personal income increased $37.6 billion, or 0.2%, in July. Personal consumption expenditures increased $23.7 billion, or 0.1%, in July.