• Construction Hiring Continued in June August 10, 2020
    After an accelerated pace of layoffs in March and April, construction sector hiring roared back in May and continued at somewhat reduced pace in June, per data from the BLS Job Openings and Labor Turnover Survey (JOLTS). In May, the hiring rate increased to 9.7%, after a subdued 3.7% rate in April. This was the […]
    Robert Dietz
  • Nonrevolving Debt Fuels June Consumer Credit August 10, 2020
    The Federal Reserve’s latest G.19 Consumer Credit Report shows trends in consumer credit, excluding loans secured by real estate, through June 2020. In June, consumer credit increased at a seasonally adjusted annual rate of 2.6% from the previous month, with revolving debt1 decreasing by 2.8% and nonrevolving debt2 increasing by 4.3 percent. Consumer credit totaled […]
    Litic Murali
  • Job Market Gains Continue August 7, 2020
    Surpassing recent dampened expectations, total payroll employment rose by 1.8 million and the unemployment rate declined to 10.2% in July. The U.S. labor market continues to recover from the COVID-19 crisis. Residential construction employment rose by 24,000 in July to 2.8 million. Total construction industry (both residential and nonresidential) employment rebounded to nearly 7.2 million […]
    Jing Fu
  • Initial and Continuing Claims Decline August 6, 2020
    Weekly initial jobless claims decreased in the week ending August 1 after two weeks of increases. Continuing claims, which lags initial jobless claims by one week, dropped by 844,000 in the week ending July 25. Although jobless claims remain at historically high levels, the decreases in initial jobless claims and continuing claims indicate that labor […]
    Jing Fu
  • Housing Affordability Hits 18-Month Low on Lack of Supply, Higher Prices August 6, 2020
    Despite low interest rates, a supply shortage coupled with rising home prices contributed to a decline in housing affordability in the second quarter of 2020, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI). In all, 59.6 percent of new and existing homes sold between the beginning of April and […]
    Rose Quint
  • Business Application Shows Growth in Q2 2020 August 5, 2020
    Housing creates jobs, and housing in turn follows job growth from business activity. Thus, tracking the growth of enterprise provides a guide to future home building. The Census Bureau recently released its Second Quarter 2020 Business Formation Statistics Report (BFS). The report provides timely and high-frequency data on business applications and employer business formations measured […]
    Fan-Yu Kuo
  • Treasury and Mortgage Rate Spread Widens in July August 4, 2020
    The month of July witnessed a sustained downward trend in the 10-year U.S. Treasury, as it dipped below 0.6%. Despite the downward trend of Treasuries, which are a proxy measure of the risk-free rate that the government offers on debt, mortgage rates through July did not decrease proportionately. The spread between the 10-year Treasury and […]
    Litic Murali
  • Private Residential Construction Spending Declined in June August 3, 2020
    NAHB analysis of the Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $534.2 billion in June. It was down 1.5% in June, after a 3.6% decline in May and a 4.4% decrease in April, due to the economic consequences of the COVID-19 lockdowns. […]
    Na Zhao
  • June Personal Income Declined 1.1% July 31, 2020
    The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income decreased in June to a seasonally adjusted annual rate (SAAR) of $19,880 billion. It dropped 1.1% in June, after a 4.4% decline in May. This decrease in personal income largely came from the decline in government social benefits, because […]
    Na Zhao
  • Multiple Offers For Homes on the Market Are Becoming More Common July 31, 2020
    An earlier post revealed that 59% of buyers who were actively engaged in the process of finding a home in the second quarter of 2020 have spent upwards of 3 months searching for a home without success. Although the top reason long-time searchers haven’t pulled the trigger continues to be the inability to find an […]
    Rose Quint