News in end use

The Bureau of Labor Statistics (BLS) reported on Tuesday (8-10-21) that nonfarm business sector labor productivity increased 2.3% in Q2 of 2021. This occured as output increased 7.9% and hours worked increased 5.5% at a seasonally adjusted annual rate (SAAR).

Redfin, the Seattle-based, technology-powered, real estate company, is reporting that in the four-week period ending July 25, 2021, for the first time since early March 2021, the median home-sales price of $362,750 did not set a new record high. Instead, it was flat (-0.2%) but was still 18% higher year-over-year.

According to the latest CoreLogic Home Price Index™ (HPI) and HPI Forecast™ for June 2021, home prices have increased 17.2% from June 2020 — a rate of growth not seen since the late 1970’s. Month-over-month home prices increased by 2.3% compared to May 2021.

A look at the Bureau of Labor Statistics (BLS) Job Opening and Labor Turnover Survey (JOLTS) with a focus on construction, and with analysis provided by the National Association of Home Builders (NAHB), reveals the count of open construction jobs increased in June to 339,000 unfilled positions. Overall, hiring in the construction sector remained solid in June, increasing to a 4.8% rate.

The U.S. Bureau of Labor Statistics (BLS) today (8-9-21) reported its Job Opening and Labor Turnover Survey (JOLTS) for June 2021. According to the JOLTS report, as of the last business day in June, the number and rate of job openings was at a series record high of 10.1 million, or +590,000.

Statistics Canada (StatsCan) today (8-6-21) released the July Labor Force Survey (LFS), which reflects labor market conditions during the week of July 11 to July 17, 2021. According to the LFS, employment in Canada rose by 94,000 (+0.5%) in July, adding to an increase of 231,000 (1.2%) in June.

The U.S. Bureau of Labor Statistics (BLS) reported today (8-6-21) that total nonfarm payroll employment increased by 943,000 in July, following a 938,000 increase in June, 559,000 increase in May, disappointing increase of 278,999 in April, and surge of 785,000 in March.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 5, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.77% with an average 0.6 points, down from last week when it averaged 2.80%. A year ago, at this time, the 30-year FRM averaged 2.88%.

According to the latest Job Cut Report released from Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, U.S. based companies announced 18,942 job cuts in July, down -93% from the 262,649 cuts announced in July 2020. Last month’s total is the lowest since in June 2000, when 17,241 job cuts were announced.

According to the latest Mortgage Bankers Association’s (MBA) monthly CREF Loan Performance Survey, delinquency rates for mortgages backed by commercial and multifamily properties declined in July. The survey was created to help better understand the ways the COVID-19 pandemic is impacting commercial mortgage loan performance.