Quikrete Industry Dashboard - (Week 40, 2024)
The Week 40 edition of the Quikrete Industry Dashboard shows U.S. average gas prices tumbled again ($3.18) from last month's average of $3.31. Pump prices are way down compared with last year's nationwide average of $3.78 in early October 2023, per AAA.
Also on the Quikrete Industry Dashboard, U.S. unemployment figures from September are down (4.1 percent), albeit slightly from August (4.2 percent). However, unemployment is still elevated compared to September 2023 (3.8 percent).
National Association of Realtors Chief Economist Lawrence Yun issued the following context and commentary regarding the latest jobs report data:
“There is no national economic recession on the horizon. The net payroll job addition in September strengthened to 254,000 after adding much lighter job gains in the previous months. The annual wage gains also accelerated to 4 percent after softening to 3.6 percent just two months earlier.
He continues:
"More jobs mean more real estate demand, from retail spaces to apartment leases. Home buying will also increase, provided the conditions are right, and more inventory choices and lower mortgage rates will help. Even with the solid job figures, the Federal Reserve will continue to cut its short-term interest rates but with more caution. Mortgage rates, however, which are not controlled by the Fed, look to rise modestly and temporarily. This just reinforces the notion that trying to market-time the best mortgage rates can backfire. One real estate sector that is not moving forward is the office market. Jobs in professional business service and financial activities have risen by more than 2 million compared to pre-COVID days. Yet, these typically office-using jobs are not taking on office spaces. Expect, therefore, a relatively stronger housing demand in the suburbs and in fun recreation destinations.”
In industry stock news, Builders FirstSource (+63 percent), Masco (+61.8 percent) and Sherwin-Williams (+46.8 percent) are the highest risers so far in 2024. Home Depot, Weyerhaeuser, and Lowe's, meanwhile, experienced notable jumps from last month.
