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).
News in end use
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%.
Total Investment in Canadian Building Construction increased 1.5% in December
Statistics Canada (StatCan) is reporting that total investment in building construction increased 1.5% in December, following three consecutive months of declines. In December, non-residential construction investment remained at $4.4 billion for the third consecutive month.
Housing Affordability Rates Holds Steady in Q4 2020
According to the National Association of Home Builders (NAHB) / Wells Fargo Housing Opportunity Index (HOI) in Q4 of 2020, record-high homes prices were offset by record-low mortgage rates and as a result affordability rate held steady.
Canadian Unemployment Increases 0.6% in January to 9.4%
Statistics Canada (StatCan) is reporting that January employment fell by 213,000 or -1.2%. The decline in January followed a 53,000 decline or -0.3% in December, bring employment to its lowest level since August 2020. Most of the January losses were in part-time work and concentrated in the Ontario and Quebec retail sectors and in Newfoundland and Labrador.
January 2021 Nonfarm Payroll Employment Numbers Basically Unchanged from December 2020
The U.S. Bureau of 0Labor Statistics (BLS) is reporting that total nonfarm payroll employment was basically unchanged in January 2021, increasing by only 49,000 from December. According to the BLS the improvement in the labor markets reflects the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it.
Builder Confidence in 55+ Housing Market Remained Strong in Q4 2020
The National Association of Home Builders (NAHB) produces two separate 55-housing market reports. One is for single-family homes and the other for multifamily condominiums.