After a quiet start to June, dealers are reporting an uptick in this week’s sales activity. As new projects start up, some dealers are reporting experiencing a 6% – 10% improvement over last week.
News in end use
Cost of Residential Construction Materials Increase in May
According to the latest Bureau of Labor Statistics (BLS) Producer Price Index (PPI) report, not seasonally adjusted prices for goods used in residential construction increased 0.6% in May.
Mortgage Rates Tick Up Slightly for Week Ending June 11th
The Primary Mortgage Market Survey for the week ending June 11th, 2020, shows that 30-year fixed-mortgage rate averaged 3.21% with an average 0.9 point, up slightly from last week when it averaged 3.18%.
Weekly Jobless Claims Rise Another 1.542 Million for Week Ending June 6th
The U.S. Department of Labor is reporting that an additional 1.542 million Americans made their initial filing for unemployment benefits during the week ending on Saturday June 6th.
Fed Foresees Holding Interest Rates Near Zero Through 2022
The Federal Reserve concluded its 2-day Federal Open Market Committee meeting on Wednesday June 6th and at its conclusion announced that it will hold interest rates near zero.
Consumer Price Index Posts Third Straight Monthly Decline in May
The U.S. Bureau of Labor Statistics (BLS) is reporting that the Consumer Price Index (CPI) declined -0.1% in May on a seasonally adjusted basis after falling -0.8% in April.
Mortgage Applications Spike in Week Ending June 5th 2020
According to data from the MBA Weekly Mortgage Application Survey, for the week ending June 5th, 2020, the Market Composite Index increased 9.3% on a seasonally adjusted basis from one week earlier.
U.S. Bureau of Labor Statistics Reports Construction Sector Layoffs Surged in April
According to the Bureau of Labor Statistics (BLS) Job Openings Labor Turnover Survey (JOLTS), there was a clear and sudden stop associated with the COVID-19 pandemic and its impact on the construction labor market.
Total U.S. Consumer Credit Declines Further in April
According to the latest Federal Reserve’s G.19 Consumer Credit Report, consumer credit, excluding loads secured by real estate, decreased at a seasonally adjusted annual rate of 19.6%, through April of 2020.
National Bureau of Economic Research Confirms U.S. Officially in a Recession
According to the National Bureau of Economic Research (NBER) the U.S. is now officially in a recession, the worst downturn since the Great Depression.