Total nonfarm payroll employment increased by 339,000 in May. This is in line with the average monthly gain of 341,000 over the past 12 months.
Wood Markets News
Melbourne, Australia, Gaining 15-Story Office Building Constructed From Local Timber
Located on Melbourne, Australia’s Wellington Street, the T3 will be 15 stories and comprise 18,200 square-feet of A-grade commercial floorspace, according to a feature by Architecture & Design magazine. The T3’s towers will be made entirely of CLT and GLT.
US Monthly Construction Spending Increased in April
Total construction spending during April was estimated at a seasonally adjusted annual rate of $1908.4 billion, 1.2% above the revised March estimate of $1,780.9 billion.
Real Estate Investors Purchased Fewer Homes Year-Over-Year and Quarter-Over-Quarter in Q1
Redfin reported that real estate investors purchased 48.6% fewer homes year-over-year in 2023Q1, as elevated interest rates—coupled with declining rents and housing values—removed some profits.
Mortgage Rates Jump in the Week Ending June 1st
The 30-year fixed-rate mortgage averaged 6.79%, up from last week when it averaged 6.57%. The 15-year fixed-rate mortgage averaged 6.18%, up from last week when it averaged 5.97%.
ADP® Reports Lower Private Sector Employment Gains and Reduced Compensation Growth in May
According to the ADP® National Employment Report™, nonfarm private sector employment increased by 278,000 jobs in May, and annual pay was up 6.5% year-over-year.
Private Sector Job Cuts Continued to Trend Higher in May
According to the Challenger, Gray & Christmas, Inc. Job Cuts Report, US-based employers announced 80,089 job cuts in May, a 20% increase from the 66,995 job cuts reported in April. Year-over-year, cuts were 287% higher.
US Weekly Jobless Claims Increase in the Week Ending May 27th
The advance figure for seasonally adjusted initial unemployment claims was 232,000 during the week ending on Saturday, May 27th. This is an increase of 2,000 from the previous week’s revised level of 230,000.
Resolute Forest Products Announces Asset Purchase Agreement to Sell Its Thunder Bay, Ontario, Pulp and Paper Mill
Resolute Forest Products has entered into an asset purchase agreement to sell its Thunder Bay, Ontario, pulp and paper mill to an affiliate of Atlas Holdings. The transaction is expected to close during the second half of 2023.
Mercer International Receives Court Sales Order Approval to Acquire the Assets of Structurlam
Mercer International has received applicable Bankruptcy Court approval of a sales order approving the acquisition of substantially all of the assets for Structurlam Mass Timber Corporation and its subsidiaries for $81.1 million.