News in end use

Nonresidential construction employment increased by a net 28,300 positions August, with growth in all three subcategories, ABC reported.

Total nonfarm payroll employment increased by 142,000 in August. This is below the average monthly gain of 202,000 over the previous 12 months.

Employment in the construction sector increased by 34,000 positions in August, up from a gain of 13,000 in July, the BLS and NAHB reported.

Employment in August was little changed for the fourth consecutive month. Canada added 22,000 new positions, up 0.1%. The employment rate declined 0.1 percentage point to 60.8%.

Following home price growth of 6.0% in 2023, a panel of housing experts forecasts annual national home price growth of 4.7% in 2024 and 3.1% in 2025, Fannie Mae reported.

The 30-year fixed-rate mortgage averaged 6.35%, unchanged from last week, Freddie Mac reported.

Private sector employment increased by 99,000 jobs in August. Year-over-year, annual compensation was up 4.8%, unchanged from July.

US-based employers announced 75,891 cuts in August, a 193% increase from the 25,885 announced in July, CG&C reported.

The advance figure for seasonally adjusted initial unemployment claims was 227,000, a decrease of 5,000 from the previous week.

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.