News in end use

According to the Bloomberg Nanos Canadian Confidence Index (BBCCI) released on Monday, Canadian consumer confidence has dropped to near-record lows again amid growing concerns about the global economy.

On Monday, the US Census Bureau reported that total construction spending during August 2022 was estimated at a SAAR of $1,781.3 billion, 0.7% below the revised July estimate of $1,793.5 billion. The August figure is 8.5% above the August 2021 estimate of $1,641.6 billion.

The US Bureau of Economic Analysis reported on Friday that, according to their estimates, personal income (PI) increased $71.6 billion, or 0.3%, in August. Disposable personal income increased $67.6 billion, or 0.4%, in August. Personal consumption expenditures increased $67.5 billion, or 0.4%, in August.

The University of Michigan today (9-30-22) released its final Consumer Sentiment Index (CSI) for September. The Index of Consumer Sentiment increased to a reading of 58.6 in September, up from its reading of 58.2 in August. This is a month-over-month increase of 0.7% but down 19.5% year-over-year (72.8 in September 2021).

The Bureau of Economic Analysis released today its “third” estimate for Q2 real GDP. According to the report, GDP decreased at an annual rate of 0.6% in Q2 2022. The decline follows a Q1 2022 real GDP of -1.6% (same as previously published).

Statistics Canada reported today that Canadian real GDP edged 0.1% higher in July, after recording a similar 0.1% increase in June. Growth in goods-producing industries, up 0.5%, were partially offset by declines in the services-producing industries of 0.1%.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 29, 2022. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 6.70% with an average 0.9 point, up from last week when it averaged 6.29%.

The US Department of Labor is reporting that seasonally adjusted an additional 193,000 Americans made their initial filing for unemployment benefits during the week ending on September 24. This is a decrease of 16,000 from the previous week’s revised-lower level of 209,000 (originally reported as 213,000).

The National Association of Realtors® released on Wednesday its Pending Homes Sales Index (PHSI), declined 2.0% month-over-month in August to a reading of 88.4. The index has now declined nine times in the past ten months. Year-over-year, contract signings have declined 24.4%.

According to data from a Mortgage Bankers Association survey, for the week ending September 23rd, the Market Composite Index (a measure of mortgage loan application volume) decreased 3.7% on a seasonally adjusted basis from one week earlier.