According to the April ADP® National Employment Report™, nonfarm private sector employment private sector employment increased by 978,00 jobs from April to May. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics.
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U.S. Weekly Jobless Claims Declined Further in the Week Ending May 29, 2021
The U.S. Department of Labor is reporting that an additional 385,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, May 29, 2021 — a decrease of 20,000 from the previous week’s unrevised level. This is the lowest level for this average of initial claims since March 14, 2020, when it was 256,000.
Shares of Mortgages in Forbearance Decline for Thirteenth Week in a Row in Week Ending May 23, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 1 basis point from 4.19% of servicers’ portfolio volume in the prior week to 4.18% as of May 23, 2021. According to MBA’s estimate, 2.1 million homeowners are in forbearance plans.
Private Residential Construction Increases in April
Further analysis of the U.S. Census Bureau’s Construction Spending data for April, provided by the National Association of Home Builders, reports that total private residential construction spending rose 1.0% in April to a seasonally adjusted annual rate of $729.2 billion. Total private residential construction spending was 29.7% higher than a year ago.
Mortgage Applications Decline for Second Consecutive Week During Week Ending May 28, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey for the week ending May 28, 2021, the Market Composite Index (a measure of mortgage loan application volume) decreased -4.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -5% compared with the previous week.
U.S. Home Prices Post Third Consecutive Month of Double-Digit Growth in April
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today (6-1-21) release their CoreLogic Home Price Index (HPI™) and HPI Forecast™ for April 2021.
Led by Construction Sector Increases Canada’s Real Gross Domestic Product Increased 1.1% in March
Statistics Canada (StatCan) is reporting, in preliminary estimates, that real gross domestic product (GDP) increased 1.1% in March, following a 0.4% increase in February.
U.S. Construction Spending Up Month-Over-Month and Year-Over-Year in April
The U.S. Census Bureau is reporting that total construction spending during April 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,524.2 billion, 0.2% above the revised March estimate of $1,521.0 billion.
Canadian Industrial Product Price Index Moves Higher in April Thanks to Increased Lumber and Wood Product Costs
Statistics Canada is reporting that prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI) rose 1.6% month over month in April and was 14.3% higher when compared with April 2020.
Loan Rates for Development and Construction Continued to Decline in Q1 of 2021
According to builders and developers responding to the National Association of Builder’s Survey on Acquisition, Development & Construction (AD&C) Financing continued to report declining interest rates in Q1 of 2021.