An in depth look at the U.S. Bureau of Labor Statistics (BLS) Job Opening and Labor Turnover Survey (JOLTS) for January 2021, with analysis provided by the National Association of Home Builders (NAHB) reveals that job openings in construction increased in January to their highest level since the fall of 2019.
News in end use
Bureau of Labor Statistics Reports Producer Price Index for Final Demand Increased 0.5% in February 2021
The Bureau of Labor Statistic reported today, Friday March 12th, 2021, that the Producer Price Index for final demand seasonally adjusted increased 0.5% in February. This rise followed advances of 1.3% in January and 0.3% in December.
First Time Home Buyers Currently Make up 43% of New Home Market
Results of the February survey for the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reveals that first-time home buyers comprise ~43% of the new home market. The average first-time buyer share has trended upward steadily since NAHB began using the current methodology to measure it in 2016.
Fannie Mae Tightens Standards Loans on Investment Property
In a letter sent to sellers on Wednesday (3-10-21), Fannie Mae, the government sponsored entity (GSE), said it was tightening the underwriting criteria for second homes and investment properties.
30-Year Mortgage Rate Tick Higher in the Week Ending March 11th, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 11th March 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.05% with an average 0.6 point, up from last week when it averaged 3.02%. A year ago, at this time, the 30-year FRM averaged 3.36%.
Job Opening and Labor Turnover Survey for January 2021
The U.S. Bureau of Labor Statistics (BLS) today (3-12-21) posted its Job Opening and Labor Turnover Survey (JOLTS) for January 2021. According to the JOLTS report, as of the last business day in January, the number and rate of job openings were little changed at 6.9 million and 4.6% respectively.
Weekly Jobless Claims Decline in the Week Ending March 6th, 2021
The U.S. Department of Labor is reporting that an additional 712,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday March 6th, 2021. A decrease of 42,000 from the previous week’s revised level.
The Associated Builders and Contractors Construction Backlog Indicator Rises Sharply in February
A survey of Associated Builders and Contractors (ABC) members conducted between February 22 and March 3, 2021 reports that the ABC Construction Backlog Indicator rose to 8.2 months in February.
Consumer Price Index for All Urban Consumers Increased Year-Over-Year 1.7% and 0.4% in February
The Bureau of Labor Statistics (BLS) is reporting that the Consumer Price Index (CPI) for All Urban Consumers (CPI-U) increased 0.4% in February on a seasonally adjusted basis after rising 0.3% in January.
Mortgage Applications Decrease in the Week Ending March 5, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending March 5, 2021, the Market Composite Index — a measure of mortgage loan application volume — decreased -1.3% on a seasonally adjusted basis from one week earlier.