News in end use

US labor costs increased moderately in Q1 as economic uncertainty caused by tariffs cools demand for labor, Reuters reported.

Developers obtained permits to build 12.4 multifamily housing units for every 10,000 people in the US over the past year, Redfin reported.

Employment in the construction sector increased by 11,000 jobs in April, following a downwardly revised gain of 7,000 in March, the BLS and NAHB reported.

Total nonfarm payroll employment increased by 177,000 in April, closely aligned with the average monthly gain of 152,000 over the prior 12 months.

Construction spending in March was estimated at a seasonally adjusted annual rate of $2,196.1 billion, down 0.5% from the revised February estimate.

The 30-year fixed-rate mortgage averaged 6.76%, down from last week when it averaged 6.81%, Freddie Mac reported.

Personal income increased 0.5% at a monthly rate in March; disposable personal income increased 0.5%; and personal consumption expenditures increased 0.7%.

US-based employers announced 105,441 job cuts in April, down 62% from the 275,240 job cuts announced in March, CG&C reported.

The advance figure for seasonally adjusted initial unemployment claims was 241,000, an increase of 18,000 from the previous week’s revised total.

Real GDP declined at an annual rate of 0.3% in Q1, the BEA reported in its “advance” estimate. This follows an increase of 2.4% in 2024Q4.