The Index of Consumer Sentiment declined to a reading of 57.9 in March—a month-over-month decline of 10.5% and down 27.1% year-over-year.
News in end use
US Producer Price Index Increases 3.2% Year-Over-Year in February
On an unadjusted basis, the Producer Price Index (PPI) for final demand increased 3.2% year-over-year.
US Mortgage Rates Creep Higher in the Week Ending March 13
The 30-year fixed-rate mortgage averaged 6.65%, up from last week when it averaged 6.63%, Freddie Mac reported.
Canadian Building Permit Values Decline 3.2% in January
The value of building permits issued in Canada decreased 3.2%, or CA$425.8 million, to $12.8 billion in January.
US New-Home Purchase Mortgage Applications Increase 0.3% in February
Mortgage applications for new-home purchases increased 0.3% in February, MBA reported. Year-over-year, mortgage applications decreased 6.9%.
US Weekly Initial Jobless Claims Decline in the Week Ending March 8
The advance figure for seasonally adjusted initial unemployment claims was 220,000, a decrease of 2,000 from the previous week’s revised total.
Bank of Canada Reduces Its Target Overnight Interest Rate Amid Uncertainty of US Tariffs
The Bank of Canada reduced its target for the overnight rate by 0.25% to 2.75%, with the Bank Rate at 3.00% and the deposit rate at 2.70%.
US Consumer Price Index Rises 2.8% Year-Over-Year in February
The Consumer Price Index for All Urban Consumers increased 0.2% on a seasonally adjusted basis in February. Over the past 12 months, the all-items index increased 2.8% before seasonal adjustment.
US Mortgage Applications Increase in the Week Ending March 7
Mortgage loan application volume increased 11.2% on a seasonally adjusted basis from one week earlier, MBA reported.
US Residential Construction Job Openings Rise in January
The number of open residential construction sector jobs increased from a revised 205,000 in December to 236,000 in January, the BLS and NAHB reported.