Western Forest Products announced today it plans to temporarily reduce lumber production output by approximately 20 million board feet through the remainder of 2022. This to manage inventory levels to meet current market conditions.
Wood Markets News
Freight Railroad Strike Averted
The US Senate has passed legislation, 80 to 15, to avert a nationwide Class 1 freight railroad strike that was scheduled to begin at 12:01 AM on Friday, December 9th.
Construction Labor Market Experiences Further Decline in Job Openings in October
A closer look at the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS) for October reveals that the construction labor market experienced a decline in job openings as the housing market continued to slow. Open construction positions fell from 423,000 in September to 371,000 in October.
Construction Spending for October Down Month-Over-Month but Up Year-Over-Year
On Thursday, the US Census Bureau reported that total construction spending during October 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,794.9 billion, 0.3% below the revised September estimate of $1,800.1 billion.
30- and 15-Year Mortgage Rates Decline for Third Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® (PMMS) for the week ending December 1st. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 6.49%, down from last week when it averaged 6.58%.
Personal Income, Disposable Income, and Personal Consumption Expenditures All Rise in October
The US Bureau of Economic Analysis reported on Thursday that, according to estimates, personal income increased 0.7% in October. Disposable personal income increased 0.7%. Personal consumption expenditures increased 0.8%.
Job Cuts in November Increased Month-Over-Month and Year-Over-Year
According to the Challenger, Gray & Christmas Job Cuts Report released today, US-based employers announced 76,835 job cuts in November. This is a 127.0% increase from the 33,843 job cuts announced in October.
US Weekly Jobless Claims Decrease for the Week Ending November 26th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 225,000 during the week ending on Saturday, November 26th. This is a decrease of 16,000 from the previous week’s revised level of 241,000.
New Projects Underway in BC to Reduce Wildfire Risk and Improve Forest Health
The Forest Enhancement Society of BC (FESBC) is investing in 12 new wildfire risk reduction projects in BC. The FESBC has approved a total of 34 new wildfire risk reduction projects to be completed by March 2024.
US House Passes Legislation to Prevent Nationwide Rail Strike; Bill Moves to the Senate for Approval
The US House of Representatives today voted to approve legislation that would avoid a nationwide Class 1 Freight Railroad strike scheduled to begin on December 9th. The bill is now headed to the US Senate, where Majority Leader Chuck Schumer voiced his optimism on the bill’s prospects.