According to the latest Job Cut Report from Challenger, Gray & Christmas (CG&C), Inc, U.S.-based employers announced 24,286 cuts in April 2022. This is a 14% increase from the 21,387 cuts announced in March 2022, and it is up 6% year-over-year from the 22,913 cuts announced in April 2021.
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Weekly Jobless Claims Unexpectedly Move Higher in the Week Ending April 30, 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, April 30, 2022. This is an increase of 19,000 from the previous week’s revised level. The 4-week moving average was 188,000.
Seventy Percent of U.S. Metro Areas Reached Double-Digit Annual Price Gains in Q1 of 2022
According to the latest National Association of Realtors® Quarterly Report, released on Tuesday (5-3-22), Q1 of 2022 saw more markets reach double-digit annual prices gains than in Q4 of 2021. Seventy percent of 185 measured metros experienced such price gains, up from 66% in the previous quarter.
Mortgage Applications Increase in Week Ending April 29, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending April 29, 2022, the Market Composite Index (a measure of mortgage loan application volume) increased 2.5% on a seasonally adjusted basis from one week earlier.
ADP Reports Private Sector Employment Continued to Grow in April but at a Slower Pace
According to the March ADP® National Employment Report™, released today (5-4-22), nonfarm private sector employment increased by 247,000 jobs from March to April. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally adjusted basis.
Lumber Demand Expected to Remain Strong, Even in a Recessionary Period
At last Thursday’s Council of Forest Industries conference, analysts and economists speaking at the forum began using the dreaded “R” word. Some speakers said openly that by end of 2022 or early 2023, at least Europe, and potentially North America, could be in a recession due to run-away inflation, the war in Ukraine, and rising interest rates.
Unfilled Construction Job Numbers Continued to Increase in March 2022
A closer look at today’s (5-3-22) U.S. Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS), with the construction sector as the focal point, reveals that the construction labor market remained tight in March, and the number of job openings continued to increase year-over-year.
Job Openings and Labor Turnover Summary Released for March 2022
On Tuesday (5-3-22), the U.S. Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary for March 2022. According to the report, as of the last day in March, the number of job openings was at an all-time series high of 11.5 million, or a rate of 7.1%. This shows only minor changes from the February report.
U.S. Construction Spending Up Month-Over-Month and Year-Over-Year in March 2022
On Monday (5-2-22), the U.S. Census Bureau reported that total construction spending during March 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,730.5 billion, 0.1% above the revised February estimate of $1,728.6 billion. The March figure is 11.7% above the March 2021 estimate of $1,548.6 billion.
An Analytical Look at Residential and Nonresidential Construction Spending in March 2022
A deeper dive into the U.S. Census Bureau’s Construction Spending report for March reveals that total private residential construction spending rose 1% in March after an increase of 0.7% in February. Spending stood at a seasonally adjusted annual rate of $882 billion. Total private residential construction spending was 18.4% higher than a year ago.