In September, construction spending slipped 0.3% from August totals to $901.2 billion. The sector rebounded in October, with spending rising 0.8% to $908.4 billion, the fastest pace in more than four years. Estimates for July and August were revised down sharply, but the changes were mostly in the volatile home improvements sector, which is not used to estimate economic growth.

Mortgages

The fall in mortgage applications comes as investors try to gauge when the U.S. Federal Reserve might exit its bond-buying program.

The Fed has said it would begin to scale back its $85 billion per month in purchases of Treasuries and mortgage-backed securities when policy makers are convinced of a steady, self-sustaining recovery. But data on the world's biggest economy have been mixed, leaving investors uncertain about the future path of U.S. monetary policy.

MBA data showed 30-year mortgage rates rose 3 basis points in the latest week to 4.51%. The refinancing index sank 17.5% while the purchase index, a leading indicator of home sales, fell 4.1%. The mortgage survey covers over 75% of U.S. retail residential mortgage applications, according to MBA.

GDP

On Thursday GDP jumped higher to +3.6% which is shockingly above the +3.1% expected.

The GDP report was not as robust as the headline reading would imply. That's because most of the increase came from growth in inventories. That usually leads to less production in the future as they sell off what was already made. Or simply, growth over the next couple quarters will be lower as it was already booked in Q3.

The price index for gross domestic purchases — a measurement of prices paid by U.S. residents — increased 1.8% in the third quarter, up from a 0.2% increase in the second quarter. Meanwhile, real gross domestic income (GDI), a measurement of economic output as costs incurred and incomes earned in GDP production, increased 1.4% in the third quarter, a drop from the 3.2% increase in the second quarter of this year. The BEA said that the difference between GDP and GDI can occur from a number of reasons (including source data) but that over longer time spans, estimates of the two measures tend to follow similar patterns.

Mortgage rates have stabilized since September, when the Fed surprised markets by taking no action. And rates remain low by historic standards. The Fed meets later this month and could slow the bond purchases if the economy shows further improvement. The bond purchases are designed to keep long-term rates low.

The increase in mortgage rates has contributed to a slowdown in home sales over the past two months. But the government reported Wednesday that purchases of new homes ramped up in October after three months of soft sales, evidence that the housing market is improving fitfully.

Jobs

2013 is on track to be the best year for job creation since 2005, but the job market still has a long way to go until it's entirely healed from the recession.
Only about 63% of Americans over the age of 16 participate in the job market -- meaning they either have a job or are looking for one. That's nearly the lowest level since 1978, driven partly by Baby Boomers retiring, but also by workers who had simply given up hope after long and fruitless job searches.

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