News in end use

A closer look at the construction sector portion of the Bureau of Labor Statistics (BLS) March’s nonfarm payroll report, of Friday (4-2-21) with additional analysis provided by the National Association of Home Builders (NAHB), reveals that the construction sector added 110,000 jobs in March. This following job losses in February (-56,000) that were likely weather-related.

The Bureau of Labor Statistics (BLS) on Friday (4-2-21) reported that total nonfarm payroll employment rose by 916,000 in March — down by 8.4 million, or -5.5%, from its pre-pandemic peak in February 2020.

According to the latest Mortgage Bankers Association’s (MBA) CREF Loan Performance Survey, delinquency rates for mortgages backed by commercial and multifamily properties decreased for the third straight month in March, reaching their lowest levels since April 2020 and the onset of the COVID-19 pandemic.

Statistics Canada (StatsCan) is reporting that the total value of building permits issued in February broke the $10-billion mark for the first time, as a jump in the non-residential sector more than offset the decline in the residential sector.

The U.S. Census Bureau has announced that total construction spending during February was estimated at a seasonally adjusted annual rate (SAAR) of $1,516.9 billion, -0.8% below the revised January estimate of $1,529.0 billion.

The U.S. Department of Labor is reporting that an additional 719,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday March 27, 2021. An increase of 61,000 from the previous week’s revised level. The 4-week moving average was 719,000, a decrease of 10,500 from the previous week’s revised average.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 1, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.18% with an average 0.7 point, up from last week when it averaged 3.17%.

According to the latest report by Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, planned job cuts announced by U.S. based employers fell 86% in March to 30,603 from the 222,288 job cuts announced in March 2020, when the fallout from the COVID-19 lockdowns began to impact businesses across the country.

The National Association of Realtors® (NAR) has reported that their Pending Homes Sales Index (PHSI) — which is based on signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ops — declined for the second month in a row, failing -10.6% in February to a reading of 110.3.

Statistics Canada (StatsCan) is reporting that real gross domestic product (GDP) in Canada rose 0.7% in January, following 0.1% growth in December. This marks the ninth consecutive monthly increase, continuing to offset the steepest drops on record in Canadian economic activity observed in March and April 2020.