News in end use

The US Department of Labor is reporting that an additional 262,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, August 6. This is an increase of 14,000 from the previous week’s revised lower level of 248,000. The 4-week moving average was 252,000.

Redfin reported on Tuesday that the share of US homes that were listed for 30 days or more without going under contract increased by 12.5% year-over-year in July. Or, 61.2% of for-sale homes were on the market for at least 30 days, up from 54.4% in July of 2021.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending August 5, the Market Composite Index increased 0.2% on a seasonally adjusted basis from one week earlier.

The US Bureau of Labor Statistics reported on Wednesday that the Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in July, on a seasonally adjusted basis. This follows a 1.3% rise in June.

According to data released in the Survey of Construction, new single-family starts expanded at a precipitous pace in 2021. Nationwide, 1,133,145 new single-family units were started in 2021. That is 14% higher than those started in 2020. It is the fastest growth pace since 2013 and the highest count since the Great Recession.

According to the Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI) report mortgage credit availability declined for the fifth consecutive month in July. The MCAI dropped 9.0% to a reading of 108.8.

The National Federation of Independent Business reported today their NFIB Small Business Optimism Index (SBOI). The July SBOI increased 0.4 points to a reading of 89.9; however, it is the sixth consecutive month that the SBOI has been below the 48-year average reading of 98.

Fannie Mae today released its Home Purchase Sentiment Index® for July. The HPSI dropped 2.0 points to a reading of 62.8, its lowest level since 2011 and well below the all-time high that was set in 2019. Only 17% of respondents in the survey thought it was a good time to buy a home.

Statistics Canada reported Canadian employment and unemployment statistics for July. Unemployment in July decreased by 31,000, and compared to May it was down 74,000, or 0.4%. The number private sector employees was little changed. From May 2021 to May 2022, employment had increased by 1,056,000, or 5.7%.

The US Bureau of Labor Statistics reported today that total nonfarm payroll employment increased by 528,000 in July, larger than the average monthly gain of 388,000 over the prior 4 months. Total nonfarm employment has increased by 22.0 million since reaching a low in April 2020.