On Monday, members of Ontario chapter of the United Brotherhood of Carpenters and Joiners of America began a strike action. Fifteen thousand carpenters in the industrial, commercial, and instructional sector walked off the job, joining thousands of crane operators and 15,000 other residential construction workers who walked off the job last week.
News in end use
Mortgage Applications Increase for Second Consecutive Week in the Week Ending May 6, 2022
According to data from the Mortgage Bankers Association, for the week ending May 6, 2022, the Market Composite Index (a measure of mortgage loan application volume) increased 2.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3.0% compared with the previous week.
Consumer Price Index Increases 0.3% Month-Over-Month and 8.3% Year-Over-Year in April 2022
The U.S. Bureau of Labor Statistics (BLS) reported on Wednesday (5-11-22) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in April, on a seasonally adjusted basis. This increase follows a 1.2% increase in March, a 0.8% increase in February, and a 0.5% increase in January.
Mortgage Credit Availability Tightened For Second Consecutive Month in April 2022
According to the latest Mortgage Bankers Association (MBA) Mortgage Credit Availability Index (MCAI), which analyzes data from the ICE Mortgage Technology, mortgage credit availability decreased in April. The MCAI declined by -3.2% to a reading of 121.1 in April.
The NFIB’s Small Business Optimism Index Declines for Fourth Consecutive Month in April 2022
The National Federation of Independent Business (NFIB) reported today that their NFIB Small Business Optimism Index was unchanged in April, holding steady at a 93.2, the fourth consecutive month below the 48-year average of 98.
Total Value of Canadian Building Permits Declined in March 2022
Statistics Canada reported on Monday that the total value of building permits in Canada declined -9.3% in March to a value of $1.7 billion (CAD). The decline was mainly due to the non-residential sector, which was down -29.5% to $3.7 billion. On a constant dollar basis, the total value of building permits was down -11.5% to $7.6 billion in March.
Fannie Mae Home Purchase Sentiment Index for April Drops to Its Lowest Level Since May 2020
On Monday, Fannie Mae reported its Home Purchase Sentiment Index (HPSI) for April. The HPSI was down -4.7 points to a reading of 68.5 in April, its lowest level since May 2020, as consumers expressed growing concerns about housing affordability and rising mortgage rates. All six components of the HPSI were down month-over-month.
Federal Reserve Releases Its G.19 Report; Consumer Credit Increases in Q1 2022
The U.S. Federal Reserve has released its latest G.19 Consumer Credit Report (CCR) for Q1 of 2022. According to the CCR, non-real estate secured consumer credit increased at a seasonally adjusted annual rate of 9.7%, with revolving debt growing at 21.4% and nonrevolving debt at 6.1%.
U.S. Nonfarm Payroll Increases by 428,000 in April; Unemployment Holds Steady at 3.6%
The U.S. Bureau of Labor Statistics reported today that total nonfarm payroll employment increased by 428,000 in April, following revised increases of 428,000 in March and 714,000 in February. In the first four months of 2022, nearly 2.1 million jobs were created, and monthly employment grew at an average rate of 519,000 jobs per month.
Canada’s Employment Rate Holds Steady in April, While Unemployment Declines to New Record Low
Statistics Canada reported today its Labor Force Survey for April 2022. Employment in Canada was little changed in April. Previously, employment increased by 409,000 (2.1%) during February and March, following losses in January, the result of the fifth wave of COVID-19. The unemployment rate edged down a further -0.1 percentage points to 5.2%.