The number of renter households in Q3 rose 2.7% year-over-year to a record 45.6 million, Redfin reported.
News in end use
US Private Residential Construction Spending Increases 0.2% in September
Private residential construction spending trended up 0.2% in September, the Census Bureau and NAHB reported. Year-over-year, construction spending was 4.1% higher.
US Construction Spending Increases 0.1% in September
Total construction spending during September was estimated at a seasonally adjusted annual rate of $2,148.8 billion, 0.1% above the revised August estimate.
US Nonfarm Payroll Little Changed in October; Unemployment Flat at 4.1%
Nonfarm payroll employment was essentially unchanged in October, adding only 12,000 jobs. The unemployment rate was unchanged at 4.1%.
US Mortgage Rates Move Higher for the Fifth Consecutive Week
The 30-year fixed-rate mortgage averaged 6.72%, up from last week when it averaged 6.54%, Freddie Mac reported.
US Bureau of Economic Analysis Reports Personal Income and Outlays for September
Personal income increased 0.3%; disposable personal income increased 0.3%; and personal consumption expenditures increased 0.5%.
Mortgage Application Payments Decline Further in September
The MBA Purchase Applications Payment Index decreased 0.8% to a reading of 157.9 in September, down from 159.2 in August.
Canadian GDP Unchanged in August, but Advance September Estimate Shows Increase
Canadian real GDP was essentially unchanged in August, following a 0.1% increase in July.
Private Sector Job Cuts Ease in October
US-based employers announced 55,597 job cuts in October, a 23.7% decrease from the 72,821 cuts announced in September, CG&C reported.
US Weekly Initial Jobless Claims Continue to Decline in the Week Ending October 26th
The advance figure for seasonally adjusted initial unemployment claims was 216,000, a decrease of 12,000 from the previous week’s revised level.