The 30-year fixed-rate mortgage averaged 6.35%, unchanged from last week, Freddie Mac reported.
News in end use
ADP® Reports Private Sector Employment Increased and Compensation Held Steady in August
Private sector employment increased by 99,000 jobs in August. Year-over-year, annual compensation was up 4.8%, unchanged from July.
Private Sector Job Cuts Soar in August
US-based employers announced 75,891 cuts in August, a 193% increase from the 25,885 announced in July, CG&C reported.
US Weekly Initial Jobless Claims Decline in the Week Ending August 31st
The advance figure for seasonally adjusted initial unemployment claims was 227,000, a decrease of 5,000 from the previous week.
Bank of Canada Reduces Policy Rate by 25 Basis Points to 4.25%
The Bank of Canada reduced its target for the overnight rate to 4.25%, with the Bank Rate at 4.50% and the deposit rate at 4.25%. The Bank is continuing its policy of balance sheet normalization.
BC Council of Forest Industries Releases New Report: “Building for the Future”
COFI released a new report highlighting the vital role BC wood products play in ensuring the supply of cost-effective, climate-resilient building materials for affordable housing.
Nonresidential Construction Spending Declines for Second Consecutive Month in July
Nationwide nonresidential construction spending decreased 0.2%, the Census Bureau and ABC reported.
US Open Construction Sector Jobs Drop in July
The number of open construction sector jobs shifted notably lower from 299,000 in June to 248,000 in July, the BLS and NAHB reported.
Mortgage Applications Trend Higher in the Week Ending August 30th
Mortgage loan application volume increased 1.6% on a seasonally adjusted basis from one week earlier, MBA reported.
US Job Openings and Labor Turnover Summary for July
As of the last business day in July, the number of job openings was 7.7 million. Year-over-year, the measure was down 1.1 million. The job opening rate was little changed at 4.6%.