The advance figure for seasonally adjusted initial unemployment claims was 215,000 during the week ending February 24th, an increase of 13,000 from the previous week.
News in end use
Mortgage Applications Decline in the Week Ending February 23rd, as Interest Rates Climb Above 7%
Mortgage loan application volume decreased 5.6% on a seasonally adjusted basis from one week earlier, the MBA reported.
US Housing Market Gained $2.4 Trillion in Value Year-Over-Year in December
As of December 2023, the US housing market gained $2.4 trillion in value over the last year, bringing its total value to $47.5 trillion, Redfin reported.
US Real GDP Increases at an Annual Rate of 3.2% in 2023Q4, BEA Reports in Its “Second” Estimate
US real GDP increased at an annual rate of 3.2% in Q4, following an increase of 4.9% in Q3.
FHFA House Price Index Increases Month-Over-Month and Year-Over-Year in December
The Federal Housing Finance Agency House Price Index® increased 0.1% month-over-month in December (seasonally adjusted).
S&P CoreLogic Case-Shiller US National Home Price Index Rises 5.5% Year-Over-Year in December
The S&P CoreLogic Case-Shiller US National Home Price NSA Index reported an annual gain of 5.5% in December, up from 5.1% in November.
The Conference Board’s US Consumer Confidence Index Moves Lower in February
The Conference Board Consumer Confidence Index® declined to a reading of 106.7 in February, down from January’s revised reading of 110.9.
New US Residential Single-Family Home Sales Up Month-Over-Month and Year-Over-Year in January
New residential single-family home sales in January were at a SAAR of 661,000, 1.5% above the revised December 2023 rate.
Labor Shortages in New US Home Building Lessen but Remain Above Housing Boom of 2004–06
With home building volumes lower, labor shortages have eased significantly since the record level set in 2021, according to the latest NAHB/Wells Fargo Housing Market Index.
Fannie Mae’s Economic and Strategic Research Group Releases Its February Commentary
The ESR Group expects existing-home sales and new single-family housing starts to modestly grow in 2024 amid lower mortgage rates and slowly strengthening homebuyer sentiment.