Mortgage Market Commentary

January 25, 2023

MBA Mortgage Applications (week ended (1/20/2022)

- Purchase Index week/week 3.4%. Previous weeks were 24.7%, -0.5%. , -12.0%, -0.1%, 4.0%,-3.4, 3.8%, 1.8%, 4.4%,1.3%, -0.8%, 2.3%, -3.7%, -2.1%, -12.6%, -0.4%, +1.0%, +0.2%, and -0.7%

- Refinance Index week/week 14.6%. Previous weeks were 34.2%, 5.1% , -4.4%, 6.0%, 2.8%, 4.7%, -12.9, 1.8%, -1.6%, 3.5%, 0.2%, 0.0%, -6.9%, -1.8%, -17.8%, -10.9%, +10.4%, and -1.2%.

- Composite Index week/week 7.0%. Previous weeks were 27.9%,1.2%., -10.3%, 0.9%, 3.2%, -1.9%, -0.8%, 2.2%, 2.7%, -0.1%, -0.5%, -1.7%, -4.5%, -2.0%, -14.2%, -3.7%, +3.8%, -4.2%, 0.8%, and -3.7%.

Source: MBA. https://www.mba.org/news-and-research/newsroom/news/2023/01/25/mortgage-applications-increase-in-latest-mba-weekly-survey

January 18, 2023

MBA Mortgage Applications (week ended (1/13/2022)

- Purchase Index week/week 24.7%. Previous weeks were -0.5%. , -12.0%, -0.1%, 4.0%,-3.4, 3.8%, 1.8%, 4.4%,1.3%, -0.8%, 2.3%, -3.7%, -2.1%, -12.6%, -0.4%, +1.0%, +0.2%, -0.7%, and -1.8%.

- Refinance Index week/week 34.2%. Previous weeks were 5.1% , -4.4%, 6.0%, 2.8%, 4.7%, -12.9, 1.8%, -1.6%, 3.5%, 0.2%, 0.0%, -6.9%, -1.8%, -17.8%, -10.9%, +10.4%, -1.2%, and -1.1%

- Composite Index week/week 27.9%. Previous weeks were 1.2%., -10.3%, 0.9%, 3.2%, -1.9%, -0.8%, 2.2%, 2.7%, -0.1%, -0.5%, -1.7%, -4.5%, -2.0%, -14.2%, -3.7%, +3.8%, -4.2%, 0.8%, and -3.7%, and -1.8%.

Source: MBA. https://www.mba.org/news-and-research/newsroom/news/2023/01/18/mortgage-applications-increase-in-latest-mba-weekly-survey

PPI (December 2022)

- PPI-FD month/month -0.5%. Previous was 0.3%

- PPI-FD year/year 6.2%. Previous was 7.4.0%

- Ex-Food & Energy month/month 0.1%. Previous was 0.4%

- Ex-Food & Energy year/year 5.5%. Previous was 6.2%

- Ex-Food, Energy & Trade Services month/month 0.1%. Previous was 0.3%

- Ex-Food, Energy & Trade Services year/year 4.6%. Previous was 4.9%

This is inflation at the wholesale level.

Source: Bureau of Labor Statistics (BLS) Details: https://www.bls.gov/ppi/

Retail Sales (December 2022)

- Retail Sales month/month -1.1%. Previous was -1.0%

- Ex-Vehicles month/month -1.1%. Previous was -0.6%

- Ex-Vehicles & Gas month/month -0.7% Previous was -0.5%

Retail Sales is the largest component of 4thQ 2022 GDP. This data is seasonally adjusted but not inflation adjusted.

Source: Census Details: https://www.dol.gov/ui/data.pdf

Industrial Production (December 2022)

- Industrial Production month/month -0.7%. Previous was -0.6%.

- Manufacturing Output month/month -1.3% . Previous was -1.1%

- Capacity Utilization Rate 78.8%. Previous was 79.7%

- Industrial Production year/year +1.6%

Source: Federal Reserve https://www.federalreserve.gov/releases/g17/current/default.htm

January 13, 2023

Import and Export Prices (December 2022)

- Import Prices month/month 0.4%. Previous was -0.7%

- Import Prices year/year 3.5%. Previous was 2.7%

- Export Prices month/month -2.6%. Previous was -0.4%

- Export Prices year/year 5.0%. Previous was 6.3%

Consumer Sentiment (January 2023)

- Index 64.6. Previous was 59.7

This is supposed to measure consumers stated views as to spending in the next 3 months.

Source: University of Michigan's Consumer Survey Center Details: http://www.sca.isr.umich.edu/

January 12, 2023

CPI (December 2022)

- CPI month/month, seasonally adjusted 0.1%. Previous was +0.0%

- CPI year/year not seasonally adjusted +6.5%. Previous was 6.6%.

- Ex-Food & Energy month/month, seasonally adjusted +0.3%. Previous was +0.3%

- Ex-Food & Energy not seasonally adjusted year/year 5.7%. Previous was 6.0%

Source: BLS Details: https://www.bls.gov/news.release/cpi.toc.htm

January 11, 2023

MBA Mortgage Applications (week ended (1/6/2022)

- Purchase Index week/week -0.5%. Previous weeks were -12.0%, -0.1%, 4.0%,-3.4, 3.8%, 1.8%, 4.4%,1.3%, -0.8%, 2.3%, -3.7%, -2.1%, -12.6%, -0.4%, +1.0%, +0.2%, -0.7%, -1.8%, and -0.5%

- Refinance Index week/week 5.1%. Previous weeks were -4.4%, 6.0%, 2.8%, 4.7%, -12.9, 1.8%, -1.6%, 3.5%, 0.2%, 0.0%, -6.9%, -1.8%, -17.8%, -10.9%, +10.4%, -1.2%, -1.1%, and -7.9%

- Composite Index week/week 1.2%. Previous weeks were -10.3%, 0.9%, 3.2%, -1.9%, -0.8%, 2.2%, 2.7%, -0.1%, -0.5%, -1.7%, -4.5%, -2.0%, -14.2%, -3.7%, +3.8%, -4.2%, 0.8%, -3.7%, and -1.8%.

Source: MBA. https://www.mba.org/news-and-research/newsroom/news/2023/01/11/mortgage-applications-increase-in-latest-mba-weekly-survey

January 10, 2023

Wholesale Inventories (November 2022) (Preliminary)

- Inventories 0.5%. Previous was 1.0%

Source: Census Details: https://www.census.gov/wholesale/pdf/mwts/currentwhl.pdf

January 6, 2023

BLS Employment Situation Report (December 2022)

- Nonfarm Payrolls month/month 223,000. Previous was 256,000

- Unemployment Rate 3.5%. Previous was 3.6%

- Private Payrolls - month/month 220,000. Previous was 202,000

- Manufacturing Payrolls month/month 8,000. Previous was 8,000

- Labor Participation Rate 62.3%. Previous was 62.2%

- Average Hourly Earnings month/month 0.3%. Previous was 0.4%

- Average Hourly Earnings year/year 4.6%. Previous was 4.8%

- Average Workweek 34.3 hours. Previous was 34.3 hours

Revisions to October and November subtracted 28,000 jobs.

Source: BLS Details: https://www.bls.gov/news.release/empsit.nr0.htm

January 5, 2023

Challenger Job-Cut Report (November 2022)

- Level 43,651. Previous was 78,835

ADP Private Jobs (December 2022)

- Private Jobs 235,000. Previous was 182,000

Trade Deficit (November 2022)

- Deficit $61.5 billion. Previous was $77.8 billion.

This is a component of 4thQ GDP.

Source: BEA Details: https://www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services

Initial Jobless Claims (week ended 12/31/2022)

- Initial Claims seasonally adjusted 204,000. Previous was 223,000

- Initial Claims, unadjusted, totaled 275,552 in the week ending December 31, an increase of 5,703 (or 2.1 percent) from the previous week

- 4-Week Moving Average seasonally adjusted 213,0750. Previous was 220,500

Numbers below are for the week ended 12/17

Total receiving regular state UI increased by 90,369

Total receiving any benefits increased by 91,461

Source: Labor Department Details: https://www.dol.gov/ui/data.pdf

PMI Composite Final (December 2022)

- Composite Index 44.7

- Services Index 45.0

January 4, 2023

MBA Mortgage Applications (week ended (12/30/2022)

- Purchase Index week/week -12.0%. Previous weeks were -0.1%, 4.0%,-3.4, 3.8%, 1.8%, 4.4%,1.3%, -0.8%, 2.3%, -3.7%, -2.1%, -12.6%, -0.4%, +1.0%, +0.2%, -0.7%, -1.8%, -0.5%, and -0.8%.

- Refinance Index week/week -4.4%. Previous weeks were 6.0%, 2.8%, 4.7%, -12.9, 1.8%, -1.6%, 3.5%, 0.2%, 0.0%, -6.9%, -1.8%, -17.8%, -10.9%, +10.4%, -1.2%,-1.1%, -7.9%, and -2.8%.

- Composite Index week/week -10.3%. Previous weeks were 0.9%, 3.2%, -1.9%, -0.8%, 2.2%, 2.7%, -0.1%, -0.5%, -1.7%, -4.5%, -2.0%, -14.2% , -3.7%, +3.8%, -4.2%, 0.8%, -3.7%, -1.8%, and -7.9%.

Source: MBA. https://www.mba.org/news-and-research/newsroom/news/2023/01/04/mortgage-applications-decreased-over-a-two-week-period-in-latest-mba-weekly-survey

ISM Manufacturing Index (December 2022)

- Index 48.4. Previous was 49.0.

Source: Institute for Supply Management

JOLTS (November 2022)

- Job Openings 10,458,000. Previous was 10,334,000.

Source: BLS Details: https://www.bls.gov/news.release/pdf/jolts.pdf

January 3, 2023

PMI Manufacturing Final (December 2022)

- Index 46.2

A survey index from the supply side.

Source: Markit Economics

Construction Spending (November 2022)

- Month over month 0.2%. Previous was -0.2%

- Year over Year 8.5%. Previous was 9.7%.

Source: Census Details: https://www.census.gov/construction/c30/pdf/release.pdf

December 29, 2022

Initial Jobless Claims (week ended 12/24/2022)

- Initial Claims seasonally adjusted 225,000. Previous was 216,000

- Initial Claims, unadjusted, totaled 271,590 in the week ending December 24, an increase of 23,146 (or 9.3 percent) from the previous week.

- 4-Week Moving Average seasonally adjusted 221,000. Previous was 221,250

Numbers below are for the week ended 12/10

Total receiving regular state UI increased by 90,369

Total receiving any benefits increased by 91,461

Source: Labor Department Details: https://www.dol.gov/ui/data.pdf

December 28, 2022

Pending Home Sales Index (November 2022)

- Month over Month -4.0%. Previous was -4.6%.

This accounts only for Existing Home Sales.

Source: National Association of Realtors https://www.nar.realtor/infographics/pending-home-sales-snapshot

December 27, 2022

Goods Trade Deficit (November 2022) - Advance

- Deficit $83.3 billion. Previous was $98.8 billion

This is a component of 4thQ GDP.

Retail Inventories (November 2022) - Advance

- Month over Month 0.1%%. Previous was -0.2%

This is a component of 4thQ GDP

Source: Census Details: https://www.census.gov/retail/index.html

Wholesale Inventories (November 2022) - Advance

- Inventories 1.0%. Previous was 0.8%

Source: Census Details: https://www.census.gov/wholesale/pdf/mwts/currentwhl.pdf

Case-Shiller House Price Index (October 2022)

- 20-City Adjusted month/month -0.5%. Previous was -1.2%

- 20-City Unadjusted month/month -0.8%. Previous was -1.5%

- 20-City Unadjusted year/year 8.6%. Previous was 10.4%

Source: Core Logic https://www.spglobal.com/spdji/en/index-family/indicators/sp-corelogic-case-shiller/sp-corelogic-case-shiller-composite/#overview

FHFA House Price Index (October 2022)

- month/month 0.0%. Previous was 0.1%

- year/year 9.8%. Previous was +11.0%

Source: FHFA Details: https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-House-Price-Index-0pt0-Percent-in-October-Up-9pt8-Percent-from-Last-Year.aspx

December 22, 2022

Durable Goods Orders (November 2022)

- New Orders month/month -2.1%. Previous was 0.7%

- Ex-Transportation month/month 0.2%. Previous was 0.1%

- Core Capital Goods month/month 0.2%. Previous was 0.3%

Source: Census Details: https://www.census.gov/economic-indicators/#durable_goods

Personal Income and Outlays (November 2022)

- Personal Income month/month 0.4%. Previous was 0.7%

- Personal Consumption Expenditures month/month 0.1%. Previous was 0.9%

- PCE Price Index month/month 0.1%. Previous was 0.4%

- PCE Price Index year/year 5.5%. Previous was 6.1%

- Core PCE Price Index month/month 0.2%. Previous was 0.3%

- Core PCE Price Index year/year 4.7%. Previous was 6.1%

Source: BEA Details: https://www.bea.gov/news/2022/personal-income-and-outlays-november-2022

New Home Sales (November 2022)

- Annual Rate 640,000. Previous was 605,000

Data is seasonally adjusted and annualized.

Source: Census https://www.census.gov/construction/nrs/pdf/newressales.pdf

Consumer Sentiment (December 2022)

- Index 59.7. Previous was 59.1

This is supposed to measure consumers stated views as to spending in the next 3 months.

Source: University of Michigan's Consumer Survey Center Details: http://www.sca.isr.umich.edu/

December 21, 2022

MBA Mortgage Applications (week ended (12/16/2022)

- Purchase Index week/week -0.1%. Previous weeks were 4.0%,-3.4, 3.8%, 1.8%, 4.4%,1.3%, -0.8%, 2.3%, -3.7%, -2.1%, -12.6%, -0.4%, +1.0%, +0.2%, -0.7%, -1.8%, -0.5%, -0.8%, and -1.4%

- Refinance Index week/week 6.0%. Previous weeks were 2.8%, 4.7%, -12.9, 1.8%, -1.6%, 3.5%, 0.2%, 0.0%, -6.9%, -1.8%, -17.8%, -10.9%, +10.4%, -1.2%,-1.1%, -7.9%, -2.8%, and -5.4%

- Composite Index week/week 0.9%. Previous weeks were 3.2%, -1.9%, -0.8%, 2.2%, 2.7%, -0.1%, -0.5%, -1.7%, -4.5%, -2.0%, -14.2% , -3.7%, +3.8%, -4.2%, 0.8%, -3.7%, -1.8%, -7.9%, and -1.2%.

Source: MBA. https://www.mba.org/news-and-research/newsroom/news/2022/12/21/mortgage-applications-increase-in-latest-mba-weekly-survey

Consumer Confidence (December 2022)

- Index 101.4. Previous was 108.3

Source: Conference Board

Existing Home Sales (November 2022)

- Annual Rate 4,090,000. Previous was 4,430,000

- Month over Month -7.7%. Year over Year -5.9%

Source: National Association of Realtors®. Details: https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales

December 20, 2022

Housing Starts and Permits (November 2022)

- Starts - Annual Rate 1,427,000. Previous was 1,434,000

- Permits - Annual Rate 1,342,000. Previous was 1,512,000

A goal must be to keep starts above the 1.500,000 annual needed to accommodate expanded population and units lost.

SFR Starts were 781,000.

Source: Census Details: https://www.census.gov/construction/nrc/pdf/newresconst.pdf

December 19, 2022

Housing Market Index (December 2022)

- Index 31. Previous was 33.

This is based on a survey conducted by the National Association of Home Builders. The survey asks 1) how's business and 2) how do you think the economy in general is doing.

December 15, 2022

Initial Jobless Claims (week ended 12/10/2022)

- Initial Claims seasonally adjusted 211,000. Previous was 231,000

- Initial Claims, unadjusted, totaled 248,881 in the week ending December 10, a decrease of 39,095 (or -- 13.6 percent) from the previous week.

- 4-Week Moving Average seasonally adjusted 227,250. Previous was 230,250

Numbers below are for the week ended 11/26

Total receiving regular state UI increased by 299,208

Total receiving any benefits increased by 302,1069

Source: Labor Department Details: https://www.dol.gov/ui/data.pdf

Retail Sales (November 2022)

- Retail Sales month/month -0.6%. Previous was 1.3%

- Ex-Vehicles month/month -0.2%. Previous was 1.2%

- Ex-Vehicles & Gas month/month -0.2% Previous was 0.8%

Retail Sales is the largest component of 4thQ 2022 GDP. This data is seasonally adjusted but not inflation adjusted.

Source: Census Details: https://www.dol.gov/ui/data.pdf

Industrial Production (November 2022)

- Industrial Production month/month -0.2%. Previous was -0.1%.

- Manufacturing Output month/month -0.6% . Previous was 0.3%

- Capacity Utilization Rate 79.7%. Previous was 79.9

- Industrial Production year/year +2.5%

Source: Federal Reserve https://www.federalreserve.gov/releases/g17/current/default.htm

Business Inventories (October 2022)

- Inventories month/month 0.3%. Previous was 0.2%.

This is a component of 4thQ 2022 GDP.

Source: Census Details: https://www.census.gov/mtis/www/data/pdf/mtis_current.pdf

December 14, 2022

MBA Mortgage Applications (week ended (12/9/2022)

- Purchase Index week/week 4.0%. Previous weeks were -3.4, 3.8%, 1.8%, 4.4%,1.3%, -0.8%, 2.3%, -3.7%, -2.1%, -12.6%, -0.4%, +1.0%, +0.2%, -0.7%, -1.8%, -0.5%, -0.8%, -1.4%, and 1.0%

- Refinance Index week/week 2.8%. Previous weeks were 4.7%, -12.9, 1.8%, -1.6%, 3.5%, 0.2%, 0.0%, -6.9%, -1.8%, -17.8%, -10.9%, +10.4%, -1.2%,-1.1%, -7.9%, -2.8%, -5.4%, and 3.5%

- Composite Index week/week 3.2%. Previous weeks were -1.9%, -0.8%, 2.2%, 2.7%, -0.1%, -0.5%, -1.7%, -4.5%, -2.0%, -14.2% , -3.7%, +3.8%, -4.2%, 0.8%, -3.7%, -1.8%, -7.9%, -1.2%, and -2.3%

Source: MBA. https://www.mba.org/news-and-research/newsroom/news/2022/12/14/mortgage-applications-increase-in-latest-mba-weekly-survey

Import and Export Prices (November 2022)

- Import Prices month/month -0.6%. Previous was -0.4%

- Import Prices year/year 2.7%. Previous was +4.1%

- Export Prices month/month -0.3%. Previous was -0.4%

- Export Prices year/year 6.3%. Previous was 6.9%

December 10, 2022

CPI (November 2022)

- CPI month/month, seasonally adjusted +0.1%. Previous was +0.4%

- CPI year/year not seasonally adjusted +7.1%. Previous was 7.7%.

- Ex-Food & Energy month/month, seasonally adjusted +0.2%. Previous was +0.3%

- Ex-Food & Energy not seasonally adjusted year/year 6.0%. Previous was 6.3%

Source: BLS Details: https://www.bls.gov/news.release/cpi.toc.htm

December 9, 2022

PPI (November2022)

- PPI-FD month/month +0.3%. Previous was 0.3%

- PPI-FD year/year 7.4%. Previous was 8.0%

- Ex-Food & Energy month/month 0.4%. Previous was 0.3%

- Ex-Food & Energy year/year 6.2%. Previous was 0.1%

- Ex-Food, Energy & Trade Services month/month 0.3%. Previous was 0.2%

- Ex-Food, Energy & Trade Services year/year 4.9%. Previous was 5.4%

This is inflation at the wholesale level.

Source: Bureau of Labor Statistics (BLS) Details: https://www.bls.gov/ppi/

Consumer Sentiment (December 2022)

- Index 59.1. Previous was 56.8

This is supposed to measure consumers stated views as to spending in the next 3 months.

Source: University of Michigan's Consumer Survey Center Details: http://www.sca.isr.umich.edu/

Wholesale Inventories (October 2022) (Preliminary)

- Inventories 0.5%. Previous was 0.6%

Source: Census Details: https://www.census.gov/wholesale/pdf/mwts/currentwhl.pdf

December 8, 2022

Initial Jobless Claims (week ended 12/3/2022)

- Initial Claims seasonally adjusted 230,000. Previous was 226,000

- Initial Claims, unadjusted, totaled 286,436 in the week ending December 3, an increase of 87,113 (or 43.7 percent) from the previous week.

- 4-Week Moving Average seasonally adjusted 230,000. Previous was 229,000

Numbers below are for the week ended 11/19

Total receiving regular state UI decreased by 79,919

Total receiving any benefits decreased by 83,896

Source: Labor Department Details: https://www.dol.gov/ui/data.pdf

December 7, 2022

MBA Mortgage Applications (week ended (12/2/2022)

- Purchase Index week/week -34.0%. Previous weeks were 3.8%, 1.8%, 4.4%,1.3%, -0.8%, 2.3%, -3.7%, -2.1%, -12.6%, -0.4%, +1.0%, +0.2%, -0.7%, -1.8%, -0.5%, -0.8%, -1.4%, 1.0%, and -0.8%

- Refinance Index week/week 4.7%. Previous weeks were -12.9, 1.8%, -1.6%, 3.5%, 0.2%, 0.0%, -6.9%, -1.8%, -17.8%, -10.9%, +10.4%, -1.2%,-1.1%, -7.9%, -2.8%, -5.4%, 3.5%, and 1.5%

- Composite Index week/week -1.9%. Previous weeks were -0.8%, 2.2%, 2.7%, -0.1%, -0.5%, -1.7%, -4.5%, -2.0%, -14.2% , -3.7%, +3.8%, -4.2%, 0.8%, -3.7%, -1.8%, -7.9%, -1.2%, -2.3%, and 0.2%

Source: MBA. https://www.mba.org/news-and-research/newsroom/news/2022/12/07/mortgage-applications-decrease-in-latest-mba-weekly-survey

Worker Productivity and Costs (3rdQ2022)

- Nonfarm Productivity - Annual Rate 0.8%. Previous was 0.3%

- Unit Labor Costs - Annual Rate 2.4%. Previous was 3.5%

Productivity is total Labor Cost/GDP.

Source: BLS Details: https://www.bls.gov/news.release/prod2.nr0.htm

December 6, 2022

Trade Deficit (October 2022)

- Deficit $78.2 billion. Previous was $74.1 billion.

This is a component of 4thQ GDP.

Source: BEA Details: https://www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services

December 5, 2022

PMI Composite Final (November 2022)

- Composite Index 46.4

- Services Index 46.2

Factory Orders (October 2022)

- Month over Month 1.0%. Previous was 0.3%.

Source: Census Details: https://www.census.gov/manufacturing/m3/prel/pdf/s-i-o.pdf

ISM Services Index (November 2022)

- Index 56.5. Previous was 54.4

December 2, 2022

BLS Employment Situation Report (November 2022)

- Nonfarm Payrolls month/month 263,000. Previous was 284,000

- Unemployment Rate 3.7%. Previous was 3.5%

- Private Payrolls - month/month 221,000. Previous was 248,000

- Manufacturing Payrolls month/month 34,000. Previous was 36,000

- Labor Participation Rate 62.1%. Previous was 62.3%

- Average Hourly Earnings month/month 0.6%. Previous was 0.5%

- Average Hourly Earnings year/year 5.1%. Previous was 4.9%

- Average Workweek 34.4 hours. Previous was 34.5 hours

Revisions to September and October subtracted 23,000 jobs.

Source: BLS Details: https://www.bls.gov/news.release/empsit.nr0.htm

December 1, 2022

Challenger Job-Cut Report (November 2022)

- Level 76,835. Previous was 33,843.

Initial Jobless Claims (week ended 11/26/2022)

- Initial Claims seasonally adjusted 225,000. Previous was 241,000

- Initial Claims, unadjusted, totaled 198,557 in the week ending November 26, a decrease of 50,512 (or 20.3 percent) from the previous week.

- 4-Week Moving Average seasonally adjusted 228,750. Previous was 227,000

Numbers below are for the week ended 11/12

Total receiving regular state UI increased by 111,080

Total receiving any increased by 115,477

Source: Labor Department Details: https://www.dol.gov/ui/data.pdf

Personal Income and Outlays (October 2022)

- Personal Income month/month 0.7%. Previous was 0.4%

- Personal Consumption Expenditures month/month 0.8%.Previous was +0.3%

- PCE Price Index month/month 0.3% %. Previous was 0.3%

- PCE Price Index year/year 6.0%. Previous was 6.3%

- Core PCE Price Index month/month 0.2%. Previous was 0.5%

- Core PCE Price Index year/year 5.0%. Previous was 5.2%

Source: BEA

PMI Manufacturing Final (November 2022)

- Index 47.7

A survey index from the supply side.

Source: Markit Economics

ISM Manufacturing Index (November 2022)

- Index 49.0. Previous was 50.2.

Source: Institute for Supply Management

Construction Spending (October 2022)

- Month over Month -0.3%. Previous was 0.1%

- Year over Year 9.2%. Previous was 10.2%.

Source: Census Details: https://www.census.gov/construction/c30/pdf/release.pdf

Archive of commentary from previous months is here.