Despite millions in state subsidies, Maine biomass company Stored Solar has filed for bankruptcy. The company says it owes $17.8 million to creditors including an energy market investment company, the states of Maine and New Hampshire, and Maine loggers.
Wood Markets News
US Nonfarm Payroll Increases by 261,000 in October; Unemployment Creeps Higher to 3.7%
The US Bureau of Labor Statistics reported today that total nonfarm payroll employment increased by 261,000 in October. Monthly job growth has averaged 407,000 thus far in 2022, compared with 562,000 per month in 2021.
Canadian Employment Increases in October; Unemployment Holds Steady at 5.2%
Statistics Canada reported today that employment rose in Canada by 108,000, or 0.6%, in October. The increase helped to offset the losses reported from May to September. The unemployment rate held steady at 5.2%.
Anew Climate Announces Acquisitions Including 1.7-Million-Acre Timberland Portfolio
Anew Climate announced on Wednesday the acquisition of entities managed by The Forestland Group, which include a 1.7-million-acre timberland portfolio. The transactions are valued at approximately $1.8 million, representing one of the largest private conservation-focused forest investments in US history.
Rayonier Announces Timberland Acquisitions Across the US South
Rayonier has entered into two separate agreements to acquire approximately 172,400 acres of high-quality commercial timberland located in Texas, Georgia, Alabama, and Louisiana for an aggregate purchase price of $474 million from Manulife Investment Management.
Old-Growth Logging in British Columbia Drops to Record Low
The British Columbia provincial government on Wednesday provided an update on the Old Growth Strategic Review. According to the latest numbers, old-growth logging in BC has decreased to the lowest level on record.
Total Value of Canadian Building Permits Decline Across All Components in September
Statistics Canada reported that the total value of building permits in Canada declined 17.5% to $10.2 billion (CAD) in September, the largest monthly decline on record. This was the first time all survey components posted monthly decreases since September 2019.
30-Year Mortgage Rate Drops Back Below 7%
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 3rd. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.95% with an average 0.8 point, down from last week when it averaged 7.08%.
Job Cuts in October Increased Month-Over-Month and Year-Over-Year, Reaching Highest Level Since February 2021
According to the Challenger, Gray & Christmas Job Cuts Report released today, US employers announced 33,843 job cuts in October. This is a 13.0% increase from the 29,989 job cuts announced in September.
US Weekly Jobless Claims Decline for the Week Ending October 29th
The US Department of Labor is reporting the advance figure for seasonally adjusted initial unemployment claims was 217,000 during the week ending October 29th; this is a decrease of 1,000 from the previous week’s revised level of 218,000.