Statistic Canada (StatsCan) today (10-15-21) released their flash estimates for the Industrial Product Price Index (IPPI) for September. The IPPI increased 1.0% month-over-month in September and was up 15.0% year-over-year. The month-over-month increase in IPPI was led higher by 3.3% increase in energy and petroleum.
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University of Michigan Preliminary Consumer Sentiment Index Released for October
The University of Michigan today (10-15-21) released its preliminary Consumer Sentiment Index (CSI) for October. The CSI declined to a reading of 71.4 in October, down from 72.8 in September. This is a month-over-month decrease of -1.9% and a year-over-year decrease of -12.7% (81.8 in October 2020).
Remodeling Market Index Up Year-Over-Year Despite Supply Chain and Labor Availability Headwinds
The National Association of Home Builders (NAHB) / Royal Building Products Remodeling Market Index (RMI) posted a reading of 87 in Q3 of 2021, up 5-points from Q3 of 2020. The HMI reading of 87 is a sign of positive residential remodelers’ sentiment for projects of all sizes.
Canadian Investment in Building Construction Declines for Fourth Consecutive Month in August
Statistic Canada (StatsCan) reported on Wednesday (10-13-21) that investment in building construction declined for the fourth consecutive month, falling -2.0% in August to $17.7 billion (CAD). Residential construction was down -2.9% for the month, while investment in non-residential construction edged up 0.6%.
Mortgage Rates Move Back Above 3% in the Week Ending October 14, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 14, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.05% with an average 0.7 point, up from last week when it averaged 2.99% percent. A year ago, at this time, the 30-year FRM averaged 2.81%.
Producer Price Index for Final Demand Increases 0.5% in September
The Bureau of Labor Statistics (BLS) reported today (10-14-21) that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.5% in September. Final demand prices rose 0.7% in August, 1.0% in July, 1.0% in June, 0.8% in May, 0.6% in April, 1.0% in March, and 0.5% in February.
Weekly Jobless Claims Decline in the Week Ending October 9, 2021
The U.S. Department of Labor is reporting that an additional 293,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, October 9, 2021. This is a decrease of 36,000 from the previous week’s revised level and the lowest level for initial job claims since March 14, 2020.
Housing Affordability Improves for Second Consecutive Month in August
According to the latest National Association of Realtors’® Housing Affordability Index (HAI) report, U.S. housing affordability improved for the second consecutive month in August. Despite rising to 151.3 in August from a low of 146.5 in June 2021, the HAI is still well below its August 2020 level of 165.8.
September Consumer Price Index Increases 0.4% Month-Over-Month and 5.4% Year-Over-Year
The U.S. Bureau of Labor Statistics (BLS) reported on Wednesday (10-13-21) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4% in September, on a seasonally adjusted basis, after rising 0.3% in August. Over the past 12-months, the all-item index has increased 5.4% before seasonal adjustment.
Construction Job Openings Hold Steady in August
Further analysis of the Bureau of Labor Statistics’ (BLS) August Job Openings and Labor Turnover Survey (JOLTS), provided by the National Association of Home Builders (NAHB) with a look specifically on the construction sector, reveals that overall, the number of open construction jobs held steady in August.