The U.S. Department of Labor is reporting that an additional 473,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, May 8, 2021 — a decrease of 34,000 from the previous week’s revised level.
News in end use
Producer Price Index for Final Demand Increases in April
The Bureau of Labor Statistics (BLS) reported today (5-13-21) that the Producer Price Index for final demand, seasonally adjusted, increased 0.6% percent in April. Final demand prices rose 1.0% in March and 0.5% in February.
Investment in Canadian Building Construction Rose 5.9% in March 2021
Statistics Canada (StatsCan) reported on Wednesday (5-12-21) that investment in Canadian building construction rose 5.9% to $18.6 billion (CAD) in March 2021. For the eleventh consecutive month, residential construction investment also increased, rising 7.6% to $14.0 billion (CAD) in March 2021.
Consumer Price Index for All Urban Consumers Increases 0.8% in April; Up 4.2% Year-Over-Year
The U.S. Bureau of Labor Statistics (BLS) announced on Wednesday (5-12-21) the Consumer Price Index for all Urban Consumers (CI-U) increased 0.8% in April, on a seasonally adjusted basis, after rising 0.6% in March. Over the last 12 months, the all items index increased 4.2% before seasonal adjustment.
Mortgage Applications Increase 2.1% in Week Ending May 7, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey for the week ending April 30, 2021, the Market Composite Index, a measure of mortgage loan application volume, increased 2.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2% compared with the previous week.
U.S. Bureau of Labor Statistics Reports Construction Sector Hiring Increased in March
A deeper dive into the recent (5-11-21) Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover Survey (JOLTS) provided by the National Association of Home Builders (NAHB) looking specifically at the construction sector reveals that the housing market remains robust, and as a result additional labor is required.
Shares of Mortgages in Forbearance Decline for Ten Consecutive Weeks in Week Ending May 2, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 11 basis points from 4.47% of servicers’ portfolio volume in the prior week, to 4.36% as of May 2, 2021. According to MBA’s estimate, 2.2 million homeowners are in forbearance plans.
Job Opening and Labor Turnover Survey for March 2021
The U.S. Bureau of Labor Statistics (BLS) today (5-11-21) reported its Job Opening and Labor Turnover Survey (JOLTS) for March 2021. According to the JOLTS report, as of the last business day in March, the number and rate of job openings reached a series high of 8.1 million (+597,000) or +5.3%.
Canadian Mortgage Housing Corporation and Canadian Real Estate Association are Both Forecasting Higher Home Prices in 2021 and 2022
Less than a year ago with the COVID-19 pandemic gripping Canada, the Canadian Mortgage Housing Corporation (CMHC) predicted dire consequences for home prices. Housing prices could plummet, the now former president and CMHC CEO said between 9-18%. History and data have proved that prediction to be incorrect.
Bidding Wars on Homes are Keeping Some Active Buyers from Being Able to Make the Purchase
The National Association of Home Builders (NAHB) Housing Trends Report (HTP) is reporting that of the 16% of American adults considering a future home purchase in Q1 of 2021, 64% have moved beyond planning and are actively trying to find one to buy. That is up from the comparable 49% share a year ago.