News in end use

The U.S. Department of Labor is reporting that an additional 185,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday April 9, 2022. This is an increase of 18,000 from the previous week’s revised level.

Statistics Canada reported today (4-13-22) that the investment in building construction in February rose 4.0% to $20.0 billion (CAD), a new record high. Most provinces reported gains, with Quebec accounting for nearly 50% of the increase. On a constant dollar basis, investment in building construction increased 3.9% to $12.7 billion.

According to the latest Bureau of Labor Statistics (BS) Producer Price Index (PPI) report released today (4-13-22), with additional analysis provided by the National Association of Home Builders (NAHB), the prices of goods used in residential construction ex-energy (not seasonally adjusted) climbed 1.4% in March.

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending April 8, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -1.3 % on a seasonally adjusted basis from one week earlier.

The Bureau of Labor Statistics (BLS) reported today (4-13-22) that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 1.4% in March. This rise followed advances of 0.9% in February and 1.2% in January. On an unadjusted basis, final demand prices moved up 11.2% for the 12 months ending in March.

The U.S. Bureau of Labor Statistics (BLS) reported on Tuesday (4-12-22) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 1.2% in March. This follows an 0.8% increase in February and a 0.5% in January. The all-items index continued to accelerate, rising 8.5% for the 12 months ending March.

The National Federation of Independent Business (NFIB), one of the largest small business associations in the U.S., reported today (4-12-22) that their NFIB Small Business Optimism Index decreased by -2.4 points to a reading of 93.2, the third consecutive month below the 48-year average of 98.

Fannie Mae on Thursday (4-7-22) reported its Home Purchase Sentiment Index® (HPSI) for March. According to the HPSI, consumer home purchasing sentiment declined by 2.1 points in March to a reading of 73.2. Year-over-year, the HPSI is down 8.2 points. On net, the “Good Time to Buy” component set a new survey low.

Home prices climbed nationally from the end of January 2022 to February 2022 at an annualized rate of 11.3%. In February, home prices across the U.S. rose at a slower pace than in January but continued to appreciate at higher rates compared to the same time last year.

According to Redfin, the Seattle-based, technology-powered real estate brokerage firm, an increasing number of home-sellers are dropping their prices, yet another sign that the early 2022 housing frenzy is starting to ease as mortgage rates rapidly approach 5%.