The U.S. Department of Labor is reporting that an additional 793,000 Americans made their initial filing for unemployment benefits during the week ending on February 6, 2021–a decrease of 19,000 from the previous week’s revised level.
News in end use
The Federal Housing Finance Agency Extends Three COVID-19 Pandemic Programs
The Federal Housing Finance Agency (FHFA) announced on Tuesday (2-9-21) that borrowers with mortgages backed by Fannie Mae and Freddie Mac may be eligible for an additional forbearance extension of up to three months. The FHFA forbearance plan initially had a 12-month expiration, however the FHFA is now allowing borrowers up to 15-months of coverage.
Consumer Price Index Increases 0.3% in January 2021
According to the U.S. Bureau of Labor Statistics (BLS) report released today (2-10-2021) the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% on a seasonally adjusted basis. The all-items index rose 1.4% for the 12 months ending January 2021.
Mortgage Applications Decreased 4.1% in First Week of February
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, the Market Composite Index, a measure of mortgage loan application volume, decreased -4.1% on a seasonally adjusted basis from one week earlier.
Mortgage Bankers Associations Reports Mortgage Credit Availability Increased in January
According to a report from the Mortgage Bankers Association (MBA) that analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool, mortgage credit availability increased in January.
Construction Job Openings End 2020 Lower
The U.S. Bureau of Labor Statistics (BLS) has reported that the unemployment rate fell by 0.4% point to 6.3% in January, while nonfarm payroll employment changed little (+49,000).
Shares of Mortgages in Forbearance Decrease Slightly in Week Ending January 31st, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 3 basis points from 5.38% of servicers’ portfolio volume in the prior week to 5.35% as of January 31, 2021.
Job Opening and Labor Turnover Survey for December 2020
The U.S. Bureau of Labor Statistics (BLS) has posted its Job Opening and Labor Turnover Survey (JOLTS) for December 2020. According to the JOLTS report, as of the last day in December, the number of job openings was little changed at 6.6 million and 4.5% respectively.
Pressure Treated Wood Waste Disposal Solution for California Emerges
In January, the governor’s veto of California Assembly Bill 68, resulted in treated wood waste having to be disposed of in a Class 1 Hazardous Waste Landfills. Needless to say, it took the industry and end users by surprise.
Total Consumer Credit Ends 2020 Flat
According to the latest (2-5-21) Federal Reserve’s G.19 Report, the economic recession caused by the COVID-19 pandemic derailed the consumer credit’s trajectory growth rate for all of 2020. Revolving credit, of which credit card debt is a major component, shrank by -11.2% over the year, while nonrevolving credit increased 3.9%, thus producing an overall growth rate of 0.0%.