The U.S. Department of Labor is reporting that an additional 1.877 million Americans made their initial filing for unemployment benefits during the week ending on Saturday, May 30th.
News in end use
Mortgage Rates Tick Up Slightly
Freddie Mac has released its Primary Mortgage Market Survey for the week ending June 4th, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.18% with an average 0.7 point.
Home Prices Rise Nationally 5.4% Annually in April
According to CoreLogic home prices rose nationally 5.4% annually in April, a sharp increase from the 4.5% annual increase in March.
Mortgage Applications Decrease in Week Ending May 29th 2020
According to data from the MBA Weekly Mortgage Application Survey, for the week ending May 29th, 2020, the Market Composite Index decreased -3.9% on a seasonally adjusted basis from one week earlier.
Residential Construction Expanding Rapidly in Lower Density Markets
According to the latest NAHB Home Building Geography Index, residential construction activity is expanding at a more rapid pace in lower density markets, such as smaller cities and rural areas.
Canadian Economists Predict Bank of Canada Will Hold Rates at 0.25% Until End of 2021
In a poll conducted on May 26-28, by Reuters, 23 out of the 24 Canadian economists polled said they expected the Bank of Canada will hold interest rates at a record low of 0.25% until at least the end of 2021.
Year-Over-Year Construction Spending Up 3% in April
Total construction spending in April was 2.9% below the previous month but 3.0% above April 2019.
Single-Family Builders Turn to Incentives to Improve Sales and Limit Cancellations
More than half of single-family homes builders reported that they are using some form of incentives to improve sales.
Personal Income Surges 10.5% in April
Data recently released by the Bureau of Economic Analysis (BEA) is reporting that personal income surged in April to a seasonally adjusted annual rate (SAAR) of $ 20,674 billion.
International Monetary Fund Warns of Skewed Data due to COVID-19
According to its weekly blog post, the International Monetary Fund (IMF) is warning that key economic indicators may be skewed and perhaps less accurate, in the wake of the COVID-19 pandemic.