4/02: MetroIntelligence Economic Update by P. DUFFY

ADP: Private sector employment falls by 27,000 in March

According to ADP, private-sector employment decreased by 27,000 from February to March, on a seasonally adjusted basis. This compares to gains of 179,000 the previous month and 165,000 in March 2019. We’ll get a more comprehensive read on the U.S. job market on Friday.

https://adpemploymentreport.com/2020/March/NER/NER-March-2020.aspx

 

Mortgage applications rebound 15.3 percent, but purchase loans decline 11 percent

The Market Composite Index increased 15.3 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 11 percent (down 10 percent year-on-year) but refinance activity rising 26 percent (up 168 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages decreased to 3.47 percent from 3.82 percent.

https://www.mba.org/2020-press-releases/april/mortgage-applications-increase-in-latest-mba-weekly-survey

 

Pre-pandemic February construction spending up 6.0 percent year-on-year

Construction spending during February 2020 was estimated an annual rate of $1,366.7 billion, down 1.3 percent from January but up 6.0 percent year-on-year. During the first two months of this year, construction spending amounted to $193.5 billion, up 8.2 percent year-on-year.

https://www.census.gov/construction/c30/pdf/release.pdf

 

Case-Shiller Index rose 0.5 percent in January and 3.9 percent year-on-year

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 3.9 percent annual gain in January, up from 3.7 percent in the previous month. Prices also rose 0.5 percent from the previous month after seasonal adjustment.

https://us.spindices.com/documents/indexnews/announcements/20200331-1118159/1118159_cshomeprice-release-0331.pdf?force_download=true

 

March manufacturing sector index falls one point to 49.1 as near-term outlook turns negative

The March Manufacturing Purchasing Managers Index (PMI®) registered 49.1 percent, down 1 percentage point from the February reading of 50.1 percent. Comments from the panel were negative regarding the near-term outlook, with sentiment clearly impacted by the coronavirus (COVID-19) pandemic and energy market volatility.

https://www.instituteforsupplymanagement.org/ISMReport/MfgROB.cfm?SSO=1