News in end use

Private sector employment increased by 152,000 jobs in May and annual compensation gains held steady at 5.0% year-over-year, ADP reported.

Following an upwardly revised estimate of open construction employment in March (from 274,000 to 346,000), the April estimate shows a further decline to 338,000 jobs.

The Mortgage Bankers Association reported that according to its latest Commercial Delinquency Report, commercial mortgage delinquencies increased in Q1.

As of the last business day in April, the number of job openings was 8.1 million, little changed from the 8.5 million reported in March.

Total construction spending during April was estimated at a seasonally adjusted annual rate of $2,099.0 billion, 0.1% below the revised March estimate.

Spending on private single-family construction crept 0.1% higher in April, the Census Bureau and NAHB reported. This marks the twelfth consecutive monthly increase.

Homebuyer affordability declined further in April, with the national medium payment applied for by applicants increasing to $2,256, MBA reported.

Personal income increased 0.3% at a monthly rate in April; disposable personal income increased 0.2%; and personal consumption expenditures increased 0.2%.

Real GDP was essentially unchanged in March, following a 0.2% increase in February. Both goods-producing and services-producing industries were unchanged.

The 30-year fixed-rate mortgage averaged 7.03%, up from last week when it averaged 6.94%, Freddie Mac reported.