News in end use

US-based employers announced 90,309 job cuts in March, up 7% from the 84,638 cuts announced in February, Challenger, Gray & Christmas, Inc. reported.

Mortgage loan application volume declined 0.6% on a seasonally adjusted basis from one week earlier, the MBA reported.

Private sector employment increased by 184,000 jobs in March and annual pay was up 5.1% year-over-year, ADP reported.

US nonresidential construction spending declined for the second consecutive month in February, falling 0.1%, the Associated Builders and Contractors reported.

The construction labor market experienced a modest increase in job openings in February, the BLS and NAHB reported.

As of the last business day in February, the number of job openings changed little at 8.8 million. The job opening rate was unchanged for the third consecutive month at 5.3%.

Construction spending during February was estimated at a seasonally adjusted annual rate of $2,091.5 billion, 0.3% below the revised January estimate.

US homebuyers needed to earn $75,849 annually to afford the typical starter home, up 8.2%, or $5,767, from February 2023.

The national medium payment applied for by applications increased 2.4%, from $2,134 in January to $2,184 in February, the MBA reported.

The median down payment for homebuyers was $55,640 in February, up 24.1% from $44,850 a year earlier, Redfin reported.