News in end use

Smith Leonard’s latest Monthly Furniture Insight survey of residential furniture manufacturers and distributors reported that June 2021 sales were 7% higher year-over-year. In the survey report, Smith Leonard points out that the results of their monthly survey of residential furniture manufacturers and distributors have shown significant swings when comparing to the previous year’s monthly results.

A closer look at the U.S. Bureau of Labor Statistics (BLS) total nonfarm payroll report for August 2021, with a focus on construction employment and analysis provided by the National Association of Home Builders (NAHB), reveals that residential construction employment rose by 17,400 in August, while non-residential construction lost -20,300 positions, reflecting declines in builders (-2,800), nonresidential specialty trade contractors (-9,200), and heavy and civil engineering construction (-8,300).

According to the latest Bloomberg Nanos Canadian Confidence Index (CCI), consumer confidence declined for the third week in a row — a reflection of the ongoing concern about a softening economic outlook. The CCI fell 1 point to a reading of 61.6 last week. This is the lowest level since March of this year.

Realtor.com’s Monthly Housing Report for August 2021 reveals that inventory and new listings improved during the month. There were 432,000 newly listed homes hitting the market during the month of August, an increase of 4.3% in inventory year-over-year. U.S. housing inventory has declined 25.8% year-over-year in August to close out Q3 of 2021, an improvement over last month’s decline of 33.5%.

Statistics Canada (StatsCan) is reporting that in July, Canada’s merchandise imports rose 4.2% and exports increased 0.6%. As a result, Canada’s merchandise trade surplus narrowed from $2.6 billion in June to $778 million (CAD) in July. In real (or volume) terms, total imports rose 1.9% in July, while exports edged down 0.3%.

The U.S. Bureau of Labor Statistics (BLS) is reporting today (9-3-21) that total nonfarm payroll employment increased by 235,000 in August, following a revised 1.1 million in July, and a revised 962,000 increase in June. Nonfarm payroll employment has increased by 17.0 million since April 2020 but is down by -5.3 million, or -3.5%, from its pre-pandemic level in February 2020.

A closer look at the U.S. Census Bureau’s July Construction Spending data, with further analysis provided by the National Association of Home Builders (NAHB), reveals that total private residential construction spending rose 0.5% in July to a SAAR of $773.0 billion. Year-over-year total private residential construction spending was 27% higher.

Statistics Canada (StatsCan) is reporting that the total value of building permits in Canada decreased 3.9% to $9.9 billion (CAD) in July. All provinces except British Columbia and Newfoundland and Labrador posted lower values, with the majority of the national decline reported in Alberta (-23.4%). Building permits fell -3.1% in the residential sector and -5.6% in the non-residential sector.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 2, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.87% with an average 0.6 point — unchanged from last week. A year ago at this time, the 30-year FRM averaged 2.93%.

The U.S. Department of Labor is reporting that an additional 340,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, August 28, 2021. This is a decrease of 14,000 from the previous week’s revised level and the lowest level for initial claims since March 14, 2020, when it was 256,000.