According to the latest Job Cut Report from Challenger, Gray & Christmas, U.S. based employers announced 20,712 job cuts in May. This is a -14.7% decrease from 24,286 announced in April. Year-over-year, it is -15.8% lower from the 24,586 cuts announced in May of 2021.
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Weekly Jobless Claims Decrease in the Week Ending May 28, 2022
The U.S. Department of Labor is reporting that an additional 200,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, May 28, 2022. This is a decrease of 11,000 from the previous week’s unrevised level. The 4-week moving average was 206,500.
U.S. Construction Spending Rises 12.3% Year-Over-Year and 0.2% Month-Over-Month in April 2022
On Wednesday, the U.S. Census Bureau reported that total construction spending during April 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,744.8 billion, 0.2% above the revised March estimate of $1,740.6 billion. The April figure is 12.3% above the April 2021 estimate of $1,5553.5 billion.
Unfilled Construction Job Openings Exceed Record High Levels in April 2022
A closer look at the construction sector portion of today’s Bureau of Labor Statistics’ Job Openings and Labor Turnover Summary, with additional analysis provided by the National Association of Home Builders, reveals that the construction labor market remains extremely tight, with job openings continuing to rise year-over-year.
Mortgage Applications Decline for Fifth Consecutive Week in the Week Ending May 27, 2022
According to data from the Mortgage Bankers Association, for the week ending May 27, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -2.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined -3.0% compared with the previous week.
Mortgage Loan Delinquencies Decline in the Commercial/Multifamily Sector in Q1 of 2022
On Tuesday, the Mortgage Bankers Association released its Commercial/Multifamily Delinquency Report for Q1 of 2022. The report revealed that mortgage loan delinquencies in this sector declined in Q1 of 2022. MBA’s quarterly analysis looks at commercial/multifamily delinquency rates for five of the largest investor-groups.
Job Openings and Labor Turnover Summary Released for April 2022
On Wednesday, the U.S. Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for April 2022. According to the JOLTS report, as of the last day in April, the number of job openings decreased from its all-time in March of 11.5 million to 11.4 million (-455,000), or a rate of 7.0%.
FHFA Reports U.S. House Prices Rose 18.7% Year-Over-Year in Q1 of 2022
According to the latest Federal Housing Finance Agency (FHFA) House Price Index released today, U.S. house prices rose 18.7% nationwide from Q1 of 2021 to Q1 of 2022. When compared to Q4 of 2021, U.S. house prices were up 4.6%. FHFA’s seasonally adjusted monthly index for March was up 1.5% from February 2022.
Canadian Real GDP Increased 0.7% in March 2022
StatsCan reported today that real gross domestic product (GDP) rose 0.7% in March, following a 0.9% expansion in February. Broad-based increases across most sectors were led by client-facing industries. Both services-producing (+0.6%) and goods-producing (+0.9%) industries were up, as 14 of 20 industrial sectors expanded in March.
U.S. Home Prices Post 20.6% Year-Over-Year Gain in March 2022
On Tuesday, S&P CoreLogic Case-Shiller released its U.S. National Home Price NSA Index for March. The Index, which covers all nine U.S. Census divisions, reported that home prices experienced a 20.6% annual gain in March. The increase follows a 20.9% annual gain in February and a 19.1% annual gain in January.