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.

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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.

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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.

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