News in end use

The National Federation of Independent Business (NFIB), one of the largest small business associations in the U.S., reported today (3-08-22) that their NFIB Small Business Optimism Index decreased by -1.4 points to a reading of 95.7 in February, the second consecutive month below the 48-year average of 98.

Statistics Canada (StatsCan) reported today (3-4-22) that the total value of building permits in January dropped by -8.8% to $10.1 billion (CAD). Declines were reported in both the residential and non-residential sectors. On a constant dollar basis (2012=100), the total value of building permits decreased -8.2%.

The U.S. Bureau of Labor Statistics (BLS) reported today (3-4-22) that total nonfarm payroll employment increased by 678,000 in February, following increases of 467,000 in January and 199,000 in December. Even with February’s gains, nonfarm payroll employment is still down by -1.4 million, or -1.4%, from its pre-pandemic level in February 2020.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 3, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.76% with an average 0.8 point, down from last week when it averaged 3.89%. The 15-year fixed-rate mortgage averaged 3.01% with an average 0.8 point, down from last week when it averaged 3.14%.

According to the latest Job Cut Report from Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, U.S.-based employers announced 15,245 cuts in February 2022. This is a 20% drop from January’s total announced cuts of 19,064. In February, U.S. based employers announced plans to hire 215,127 workers, the highest February total on record.

The U.S. Department of Labor is reporting that an additional 215,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, February 26, 2022. This is a decrease of 18,000 from the previous week’s revised level. The 4-week moving average was 230,500.

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending February 25, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased -0.7% on a seasonally adjusted basis from one week earlier.

Statistics Canada (StatsCan) reported on Tuesday (3-1-22) that real gross domestic product (GDP) in Canada grew 1.6% in Q4 2021, following a 1.3% rise in Q3 2021. Real GDP posted a strong 4.6% growth in all of 2021, after the COVID-19 pandemic-induced decline (-5.2%) in 2020. Final domestic demand rose 0.7% in Q4 2021.

According to the February ADP® National Employment Report™, released today (3-2-22), nonfarm private sector employment increased by 475,000 jobs from January to February. ADP’s chief economist said, “Hiring remains robust but capped by reduced labor supply post-pandemic. Last month, large companies showed they are well-poised to compete with higher wages and benefit offerings.”

According to data provided by the FDIC, with further analysis provided by the National Association of Home Builders (NAHB), residential construction loan volume during Q4 2021 reached a post-Great Recession high, as home building activity posted gains for the entire year. According to the report, the volume of 1–4-unit residential construction loans made by FDIC-insured institutions increased 1% during Q4 of 2021.