Last week's economic reports included readings on construction spending and labor reports on public and private-sector job growth. The national unemployment rate was released along with weekly reports on mortgage rates and weekly jobless claims. Construction Spending dips in September, but Residential Construction Spending Rises Construction spending rose 0.10 percent in September, but residential construction spending fell 0.70 percent month-to-month. Construction spending was 4.10 percent higher year-over-year. January through August construction spending was 5.30 percent higher than for the same period in 2017. Analysts estimated a shortage of approximately four million homes; which accentuates demand and drives prices up. In recent…

Last week's economic releases included readings on the NAHB Housing Market Index, sales of pre-owned homes, and housing starts. Weekly readings on mortgage rates and first-time jobless claims were also released. NAHB: Home Builder Confidence in Market Conditions Holds Steady The National Association of Home Builders reported an index reading of 67 for September, which matched August's reading. Growing concerns over impacts of tariffs on building material costs have slowed builders' confidence in current and future market conditions. Components of the NAHB Housing Market Index include readings on current conditions, which gained one point to 74; builder confidence in market…