11/2: MetroIntelligence Economic Update by P. DUFFY

September construction spending flat from August, up 7.2 percent year-on-year

Construction spending was flat in September following an upwardly revised 0.8 percent jump in August (up from 0.1 percent).  Construction spending increased 7.2 percent on a year-on-year basis.




October planned job cuts up sharply due to Verizon buyouts

U.S.-based employers announced plans to cut 75,644 jobs from their payrolls in October, up 36.8 percent from September and 153.6 percent higher year-on-year, although 58.2 percent of these cuts were for a single employer, Verizon.  October job cuts are the highest since July 2015, when 105,696 cuts were announced, but YTD job cuts are still up just 5.5 percent from 2017.



Mortgage applications dip 2.5 percent, rates unchanged at 5.11 percent in weekly update

The Market Composite Index decreased 2.5 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 2.0 percent and refinance activity down 4.0 percent. The average contract interest rate for 30-year fixed-rate mortgages remained unchanged at 5.11 percent.