Statistics Canada reported today (12/1) the real gross domestic product (GDP) in Canada expanded at a rate of 8.9% in Q3 of 2020. This following an -11.3% fall in Q2 of 2020 and a -1.9% drop in Q1.
News in end use
U.S. Census Bureau Reports Construction Spending Increased in October
The U.S. Census Bureau has announced that total construction spending during October 2020 was estimated at a seasonally adjusted annual rate of $1,438.5 billion, 1.3% above the revised September estimate of $1,420.4 billion. The October figure is 3.7% above the October 2019 estimate.
Bureau of Economic Analysis Reports Personal Income Declined Modestly in October
The Bureau of Economic Analysis (BEA) is reporting that personal income declined in October to a seasonally adjusted annual rate (SAAR) of $19,726 billion. The -0.7% reflects the tapering of government economic recovery payments.
Pending Home Sales Decline in October, for Second Month in a Row
The National Association of Realtors® (NAR) has reported 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 straight month in a row failing -1.1% in October to a reading of 128.9.
Second Estimate of Q3 2020 Real GDP Reveals a 33.1% Increase at an Annual Rate
According to the “second” estimate released today (11/25) by The Bureau of Economic Analysis (BEA) the Real Gross Domestic Product (GDP) increased at an annual rate of 33.1% in Q3 of 2020. In Q2 of 2020, the real GDP decreased -31.4%.
COVID-19 Increasing Affordability Challenges for Low Income Individuals per Harvard University Study
According to a study released by Harvard University’s Joint Center for Housing Studies, COVID-19 is having an especially pronounced impact on the affordability of housing among low-income individuals. The recently released American Community Survey reveals an ongoing downshift in cost burdens in 2019.
Mortgage Rates Remain at Record Lows in the Week Ending November 25th, 2020
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 25th, 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.72% with an average 0.7 point, unchanged from the previous week.
Weekly Jobless Claims Increased in the Week Ending November 21st, 2020
The U.S. Department of Labor is reporting that an additional 778,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, November 21st.
New Home Sales Slip -0.3% in October 2020 but are 41.5% Above October 2019
The U.S. Census Bureau and the Department of Housing and Urban Development are jointly reporting that the sales of new single-family houses in October 2020 were at a seasonally adjusted annual rate of 999,000.
Mortgage Applications Increased 3.9% in Week Ending November 20th, 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending November 20th, 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 3.9% on a seasonally adjusted basis from one week earlier.