News in end use

The U.S. Department of Labor is reporting that an additional 709,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday November 7th. A decrease of 48,000 from the previous week’s revised level.

The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased in Q3.

The construction segment hiring rate slowed modestly in September.

Mortgage loan application volume decreased -0.5% on a seasonally adjusted basis from one week earlier.

The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports the total number of loans now in forbearance decreased by 16 basis points from 5.83% of servicers’ portfolio volume in the prior week to 5.67% as of November 1, 2020.

The Bureau of Labor Statistics (BLS) has posted its Job Opening and Labor Turnover Survey (JOLTS) for September 2020. According to the JOLTS report the number of job openings was little changed from August at 6.4 million, which is a rate of 4.3%, as of the last business day of September.

According to the latest G.19 Consumer Credit Report, from the Federal Reserve, which includes all loans not secured by real estate, in the third quarter of 2020, consumer credit increased at a seasonally adjusted annual rate (SAAR) of 2¼%, while none revolving credit increased by 4% and revolving credit declined by 2½%.

The Mortgage Bankers Association (MBA) is projecting that commercial and multifamily loans, which are backed by income producing property, will be close to $ 395 billion in 2020. If that projection holds true, it will represent a -34% decline from 2019’s record volume of $601 billion.

The Bureau of Labor Statistics Occupational Employment Statistics (OES) Survey for 2019, with analysis provided by the National Association of Home Builders (NAHB), reveals that half of payroll workers in the construction trades earned more than $49,030 per year and the top 25% make at minimum $68.690.

A closer look at the Bureau of Labor Statistics October’s Employment Situation Report focusing on construction employment reveals that October’s residential construction employment, was 11,500 higher than October 2019.