News in end use

Consumer credit outstanding reached $4.97 trillion (SAAR) in August, a monthly decrease of $15.6 billion, according the Federal Reserve and NAHB.

The Mortgage Bankers Association’s Mortgage Credit Availability Index increased 0.6% to a reading of 97.2 in September.

The NFIB Small Business Optimism Index (SBOI) declined 0.5 points to a reading of 90.8 in September.

In September, the Fannie Mae Home Purchase Sentiment Index® declined by 2.4 points to a reading of 64.5 as elevated mortgage rates continued to dampen already gloomy consumer housing sentiment.

Redfin reported that the US median asking rent rose 0.4% year-over-year in September to $2,011. This marks the sixth consecutive month in which rents were little changed from a year earlier.

Employment in the construction sector increased by 11,000 positions in September, according to NAHB analysis of Census Bureau data.

Total nonfarm payroll employment increased by 336,000 in September. The unemployment rate held steady at 3.8%.

In September, Canadian employment rose by 64,000, or 0.3%. This follows an increase of 40,000, or 0.2%, in August.

During the first 6 months of 2023, housing supply in Canada’s biggest cities grew by only 1% year-over-year, according to the Canada Mortgage and Housing Corporation.

The 30-year fixed-rate mortgage averaged 7.49%, up from last week when it averaged 7.31%, according to Freddie Mac.