News in end use

Real GDP was basically unchanged in July, following a 0.2% decline in June. Service-producing industries inched 0.1% higher, while goods-producing industries declined 0.3%.

Personal income (PI) increased 0.4% in August; disposable personal income (DPI) increased 0.2%; and personal consumption expenditures (PCE) increased 0.4%.

The University of Michigan Index of Consumer Sentiment declined to a reading of 68.1 in September, down from 69.5 in August—a month-over-month decline of 2.0%.

The 30-year fixed-rate mortgage averaged 7.31%, up from last week when it averaged 7.19%, according to Freddie Mac.

According to the BEA’s “third” estimate, GDP increased at an annual rate of 2.1% in Q2. This follows an increase of 2.2% in Q1.

The advance figure for seasonally adjusted initial unemployment claims was 204,000 during the week ending Saturday, September 23rd. This is an increase of 2,000.

Payroll employment was up only 4,900 in July, following an increase of 65,900, or 0.4%, in June. Job vacancies declined by 43,100, or 5.8%.

Zillow estimates that the total value of the US housing market is now slightly less than $52 trillion, $1.1 trillion higher than the previous peak in June.

Mortgage loan application volume decreased 1.3% on a seasonally adjusted basis, according to the Mortgage Bankers Association.

The National Association of Home Builders’ analysis of Census Bureau data reveals that lot values for single-family detached spec homes continued to increase in 2022.