The Bank of Canada held its overnight rate at 2.25%, citing increased inflation risks, trade uncertainty, and continued excess supply in the economy.
Wood Markets News
US Mortgage Applications Rise in the Week Ending August 28
Mortgage loan application volume increased 0.8% on a seasonally adjusted basis from one week earlier, MBA reported.
Brazilian Exports of Wood-Based Products Fall in July
Brazilian exports of wood-based products totaled $285.2 million in July, down 7.0% from $305.6 million a year earlier, ITTO reported.
ADP: Private Sector Employment and Compensation Increase in August
Private sector employment increased by 38,000 jobs in August, while base pay rose 3.2% and gross pay increased 4.7% year-over-year, ADP reported.
LP to Curtail OSB Production in Jasper, TX, Starting in October
LP Building Solutions will indefinitely curtail OSB production at its Jasper, Texas, facility beginning in October, citing soft demand.
US Construction Spending Slips in July
US construction spending fell 0.5% in July to a seasonally adjust annual rate of $2.158 trillion and was down 3.8% from a year earlier.
New Serious Mortgage Delinquencies Rise as Other US Household Debt Eases
US household debt delinquencies edged lower in Q2, but mortgage balances entering serious delinquency rose to 1.52%, the New York Fed and NAHB reported.
US Job Openings and Labor Turnover Summary for July
US job openings totaled 7.3 million in July, with both hires and separations at 5.1 million, the BLS reported.
BC Wildfire Service Warns Interior Wildfire Activity Could Last Until Winter
The BC Wildfire Service says activity on the 68,000-hectare Ainslee Creek wildfire could continue until winter as extreme drought conditions persist, the Merritt Herald reported.
University of Michigan Opens World’s Tallest Mass Timber Research Building
The University of Michigan has opened a 142,000-square-foot, six-story facility described as the world’s tallest mass timber research building.