News in end use

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.

Statistic Canada reported today that the total value of building permits in Canada declined 1.5% in June to $11.9 billion (CAD). The decrease is a result of the non-residential sector dropping 10.4% to $3.7 billion, after posting its second-highest monthly value in May.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 4, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 4.99% with an average 0.8 point, down from last week when it averaged 5.30%.

The US Department of Labor is reporting that an additional 260,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, July 30, 2022. This is an increase of 6,000 from the previous week’s revised-lower level of 254,000.

According to the latest Housing Trends Report (HTR), the number of potential home buyers who are actively engaged in the process of buying a home rose to 49% in Q2 of 2022. This follows three consecutive quarters of declines. The HTR believes the change is the result of less competition from buyers who have exited the market.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending July 29, the Market Composite Index (a measure of mortgage loan application volume) increased 1.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1.0%.

The US Census Bureau reported today its Residential Vacancies and Homeownership statistics for the second quarter 2022. According to the report, the national vacancy rates in Q2 were 5.6% for rental housing and 0.8% for homeowner housing. The rental vacancy rate was 0.6 percentage points lower than the rate in the Q2 of 2021.

The Mortgage Bankers Association reported today, in its annual report on the multifamily lending market, that in 2021 there were 2,215 different multifamily lenders that provided a total of $487.3 billion in new mortgages for apartment buildings of 5 or more units.

On Tuesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary for June 2022. According to the report, as of the last day in June, the number of job openings decreased to 10.7 million, down 605,000, or 6.6%. The largest decrease in job openings was in retail trade, down 343,000.