News in end use

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.

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.

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.

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.

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.

According to the latest Mortgage Credit Availability Index (MCAI), mortgage credit availability remained unchanged at 124.6 in February. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit.

According to the Bloomberg Nanos Canadian Confidence Index (CCI), which is a gauge of household sentiment, Canadian consumer confidence rose to its highest level since January 2018, amid optimism that an accelerated vaccine rollout will soon bring an end to the Covid-19 health crisis.

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 5.23% of servicers’ portfolio volume in the prior week to 5.20% as of February 28, 2021.

Redfin, the Seattle-based, technology-powered real estate brokerage firm is reporting that a homebuyer would lose $23,250 in spending power with a mortgage rate of 3.25% versus a 2.75% rate, where they were sitting earlier this year.

Statistics Canada (StatsCan) is reporting today (3-8-21), that total investment in building construction reached $16.0 billion for the first time on record, up 2.8% from December 2020, based on continued strength in the residential sector.