News in end use

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

The advance figure for seasonally adjusted initial unemployment claims was 207,000 during the week ending September 30th, an increase of 2,000.

US-based employers announced 47,457 job cuts in September, down 37% from August, according to Challenger, Gray & Christmas, Inc.

Private residential construction spending increased 0.6% in August, the fourth consecutive increase since May, according to the National Association of Home Builders.

Mortgage loan application volume decreased 6.0% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association.

According to Realtor.com, the number of new apartments starting development has fallen significantly this year, a result of higher interest rates, declining rents, and some overbuilding.

According to the ADP® National Employment Report™, nonfarm private sector employment increased by 89,000 jobs in September and annual pay was up 5.9% year-over-year.

The construction labor market continued to slow in August, according to analysis of the JOLTS report by the National Association of Home Builders.

As of the last business day in August, the number and rate of job openings increased by 690,000 to 9.6 million and 5.8%, respectively.

Total construction spending during August was estimated at a SAAR of $1,983.5 billion, 0.5% above the revised July estimate of $1,973.7 billion.