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.
Wood Markets News
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.
Mortgage Applications Declined in the Week Ending May 26th—The Third Consecutive Drop
According to the Mortgage Bankers Association’s Market Composite Index, mortgage loan application volume declined 3.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5.0%.
Construction Labor Market Heats Up in April
A closer look at Wednesday’s Job Openings and Labor Turnover Survey, with additional analysis provided by the NAHB, reveals that the construction labor market experienced an increase in job openings in April.
US House Prices Increased Month-Over-Month in March and During Q1, FHFA Reports
US house prices increased 4.3% between 2022Q1 and 2023Q1. House prices were up 0.5% when compared to 2022Q4. FHFA’s seasonally adjusted monthly index for March was up 0.6% month-over-month.
Job Openings and Labor Turnover Summary for April
As of the last business day in April, the number of job openings and rate increased to 10.1 million (up 358,000) and 6.1%, respectively. The number of hires was little changed at 6.1 million, and the hire rate held steady at 3.9%
Canadian GDP Climbed 0.8% in Q1
Real gross domestic product (GDP) climbed 0.8% higher in 2023Q1 after posting no change in 2022Q4. A combination of higher borrowing costs and slowing mortgage borrowing saw a 3.9% decline in housing investment in Q1.
US National Interagency Fire Center Wildfire Update for the Week Ending May 26th
As of last Friday, seven large wildfires have burned 46,369 acres in six states, with one large new wildfire reported in Oregon during the week. Year-to-date, 17,792 wildfires have burned 498,820 acres nationwide.