Statistics Canada reported on Friday that prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), declined 0.8% month-over-month in February, following a 0.3% increase in January. Year-over-year, the IPPI was up 1.4%.
Wood Markets News
US Leading Economic Index® Declined Again in January, The Conference Board Reports
The Conference Board released today its Leading Economic Index® (LEI) for the US in February. The LEI declined 0.3% in February to a reading of 110.0 (2016=100), after declining 0.3% in January. The LEI has dropped 3.6% over the six-month period from August 2022 to February 2023.
University of Michigan Reports Preliminary Results of Its Consumer Sentiment Index for March
The University of Michigan on Friday released the preliminary results of its Consumer Sentiment Index for March. The Index of Consumer Sentiment declined to a reading of 63.4, down from 67.0 in February. This is a month-over-month decrease of 5.4% but up 6.7% year-over-year.
US Housing Starts, Permits, and Completions All Rise in February
The US Census Bureau reported on Thursday that privately‐owned housing starts in February were at a seasonally adjusted annual rate of 1,450,000. This is 9.8% above the revised January estimate of 1,321,000. Single-family starts were at a rate of 830,000; this is 1.1% above the revised January figure of 821,000.
EU Parliament Adopts More Ambitious Carbon Sink Goals
The EU Parliament on Tuesday adopted the revised regulation on the land use, land use change, and forestry sector (LULUCF) which seeks to improve natural carbon sinks to make the EU the first climate-neutral continent by 2050 and improve biodiversity in line with the European Green Deal.
Fixed Mortgage Rates Retreat After 5 Consecutive Weeks of Gains
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 16th. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.60%, down from last week when it averaged 6.73%. A year ago at this time, the 30-year rate averaged 4.16%.
Building Materials Prices Post a 0.3% Increase in February; Rise 2.9% Year-Over-Year
A closer look at January’s US Bureau of Labor Statistics Producer Price Index (PPI) reveals that for the second consecutive month the PPI for inputs to residential construction less energy increased, rising 0.3%, not seasonally adjusted, in February. This follows a revised 1.1% increase in January.
Mortgage Applications for New Home Purchases Up 4.0% Month-Over-Month in February
The Mortgage Bankers Association is reporting that data from its February Builder Application Survey reveals mortgage applications for new home purchases increased 4.0% from January and were 1.2% higher year-over-year.
US Weekly Jobless Claims Decrease in the Week Ending March 11th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 192,000 during the week ending on Saturday, March 11th. This is a decrease of 20,000 from the previous week’s revised level of 212,000.
US Surface Transportation Board Approves Canadian Pacific Railways’ Acquisition of Kansas City Southern Railroad
The Canadian Pacific Railway and the Kansas City Southern Railroad) jointly announced on Wednesday that the US Surface Transportation Board has issued a decision approving the CP and KCS joint merger application, subject to certain conditions, thereby authorizing the two railways to combine.