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.
Wood Markets News
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.
Mortgage Applications Decline in Week Ending November 25th
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending November 25, the Market Composite Index (a measure of mortgage loan application volume) decreased 0.8% on a seasonally adjusted basis from one week earlier.
BEA Reports Real GDP in Q3 Increased at an Annual Rate of 2.9% in Its “Second” Estimate
The Bureau of Economic Analysis released today its “second” estimate for Q3 real gross domestic product (GDP). According to the report, GDP increased at an annual rate of 2.9% in Q3. This follows declines of 0.6% in 2022Q2 and 1.6% in 2022Q1.
ADP Reports Private Sector Employment Gains and Increased Compensation in November
According to the November ADP® National Employment Report™ released today (11-30-22), nonfarm private sector employment increased by 127,000 jobs in November, and annual pay was up 7.6%, year-over-year.