According to the International Tropical Timber Organization, in December, Brazilian exports of wood-based products (except pulp and paper) declined 34.0% in value compared to a year ago, falling from US$423.2 million in December 2021 to US$278.8 million in December 2022.
Wood Markets News
Fixed Mortgage Rates Move Lower
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 2, 2023. The 30-year fixed-rate mortgage averaged 6.09%, down from last week when it averaged 6.13%. A year ago at this time, the 30-year rate averaged 3.55%.
Job Cuts in January Increased Month-Over-Month and Year-Over-Year
According to the Challenger, Gray & Christmas, Inc. Job Cuts Report released today, US-based employers announced 102,943 job cuts in January, a 136% increase from the 43,651 announced job cuts in December. It is up 440.0% from the 19,064 job cuts announced in January 2022.
US Weekly Jobless Claims Decrease for the Week Ending January 28th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 183,000 during the week ending on Saturday, January 28, 2023. This is a decrease of 3,000 from the previous week’s unrevised level of 186,000.
J.P. Morgan Asset Management’s Timber-Investing Arm Acquires 250,000 Acres of Southern Pine
Fox Business News reported Wednesday that J.P. Morgan Asset Management’s timber-investing arm has acquired 250,000 acres in the Southern pine belt for more than $500 million, marking Wall Street’s latest big woodland purchase made with an eye toward carbon markets.
Holmen Announces Investment in Its Bygdsiljum, Sweden, Sawmill to Increase CLT Production
Sweden’s Holmen announced on Tuesday (1-31-23) that it was planning an extension and investment at its Bygdsiljum Sawmill, which will help remove bottlenecks at the facility and increase CLT production.
South Africa’s SA Forestry Co. to Prioritize Log Supplies to Local Processing Companies
In response to sustained high demand for logs that continues to outpace supply, South Africa’s third largest state-owned enterprise, the SA Forestry Company (Safcol), has vowed to prioritize the supply of logs to companies that process local and employ local people.
US Construction Spending in 2022 Was 10.2% Above 2021; December Spending Fell 0.4% Month-Over-Month
On Wednesday, the US Census Bureau reported that total construction spending during December was estimated at a seasonally adjusted annual rate of $1,809.8 billion, 0.4% below the revised November estimate. The December figure is 7.7% above the December 2021 estimate.
Job Openings and Labor Turnover Summary Released for December
On Wednesday, the US Bureau of Labor Statistics released its Job Openings and Labor Turnover Summary (JOLTS) for December. According to the JOLTS report, as of the last business day in December, the number and rate of job openings increased to 11.0 million and 6.7%, respectively.
ADP Reports Private Sector Employment Gains and Increased Compensation in January
According to the January ADP® National Employment Report™ released today, nonfarm private sector employment increased by 106,000 jobs in January, and annual pay was up 7.3% year-over-year. The report is produced by the ADP Research Institute® in collaboration with Stanford Digital Economy Lab.