Tag Archive for ‘COVID-19’

Revolving Credit Decreased in January

In January 2020, consumer credit decreased at a seasonally adjusted annual rate by 0.4% from the previous month, with revolving debt1 decreasing by 12.2% and nonrevolving debt2 increasing by 3.2%. Consumer credit totaled $4.2 trillion on a seasonally adjusted annual basis, with $965 billion comprised of revolving debt and $3.2 trillion in nonrevolving debt. This marks a total decrease of $1.3 billion from… Read More ›

Residential Construction Employment Remains Unchanged in February

Total payroll employment rose by 379,000 and the unemployment rate declined to 6.2% in February. The labor market is showing signs of recovery as some states start to ease business restrictions gradually. Employment in construction declined in February due to the severe winter weather in many states. Non-residential construction lost 60,800 positions in February, reflecting declines in nonresidential specialty trade… Read More ›

MBA Data Indicates Slow Decline for Past Due Loan Share

According to the Mortgage Bankers Association’s (MBA) 2020 fourth quarter National Delinquency Survey (NDS), on a seasonally adjusted basis, the percentage of loans past due decreased from 7.65% in the third quarter to 6.73%. State-level data of the past due loan category reveal that California and Texas made up the top two states with the greatest number of past due… Read More ›

NAHB 4th Quarter HBGI: Suburban Shift for Construction in 2020

The suburban shift in home building to meet growing buyer preferences for lower density, lower cost markets stemming from the COVID-19 pandemic that was first reported in the second quarter National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) has continued throughout the rest of 2020. Single-family construction continued to overperform in suburbs, exurbs and rural communities, according… Read More ›

Another 861,000 Jobless Claims Filed

Weekly initial jobless claims increased for the past two consecutive weeks and reached the highest level in one month in the week ending February 13, despite the decreases in the number of COVID-19 cases. The labor market is recovering from the COVID-19 pandemic, but the road is proving to be long. The U.S. Department of Labor released the Unemployment Insurance… Read More ›

Jobless Claims Fall Slightly

Weekly initial jobless claims declined slightly in the week ending February 6. Continuing claims, which lag initial jobless claims by one week, decreased by 145,000 in the week ending January 30. The labor market is continuing to recover from the COVID-19 pandemic, but at a slow pace. The U.S. Department of Labor released the Unemployment Insurance Weekly Claims Report today…. Read More ›

Mortgage Activity Remains Higher Year-over-Year

For the four-week period ending on February 5, 2021, the Mortgage Bankers Association’s (MBA) latest Weekly Application Surveys showed sustained elevated activity, unseen through most of 2020, except at the outset of the COVID-19 pandemic. Additionally, the MBA’s tracked 30-year fixed-rate mortgage hovered a few basis points above 2.9%, reaching 2.96% in the latest week. While Purchasing maintained higher levels… Read More ›

Little Change for Total Consumer Credit in 2020

As with most things in 2020, consumer credit’s trajectory of growth was upended by the COVID-19-induced economic recession. Revolving credit, of which credit card debt is a major component, shrank by 11.2% over the year, while nonrevolving credit increased 3.9%, thus producing an overall growth rate of 0.0%. In December, consumer credit increased at a seasonally adjusted annual rate of… Read More ›

Construction Employment Changes Little in January

Total payroll employment rose by 49,000 and the unemployment rate fell to 6.3% for the month. The labor market continues its slow recovery amid the COVID-19 pandemic. In January, residential construction employment remained virtually unchanged (-600), after increasing for eight straight months. Meanwhile, non-residential construction lost 1,900 positions, after four consecutive months of gain. Currently, job gains in residential construction… Read More ›

Jobless Claims Decrease for The Third Straight Week

Weekly initial jobless claims declined by 33,000 in the week ending January 30. Continuing claims, which lag initial jobless claims by one week, decreased by 193,000 in the week ending January 23. This week’s jobless claims indicate that the labor market is recovering from the COVID-19 pandemic gradually. More hiring is expected when Coronavirus vaccines become more widely distributed. According… Read More ›