Statistics Canada reported Friday that employment in Canada increased by 41,000 jobs, or 0.2%, in April. Since February 2023, monthly employment growth has averaged 33,000.
Wood Markets News
US Nonfarm Payroll Increases by 253,000 in April; Unemployment Inches Lower to 3.4%
The US Bureau of Labor Statistics reported Friday that total nonfarm payroll employment increased by 253,000 in April. In the prior six months, job growth saw an average monthly gain of 290,000.
Hood Industries Announces Plans to Build a New Plywood Mill in Beaumont, Mississippi
Hood Industries announced Thursday that it plans to build a new, laminated plywood panel manufacturing facility in Beaumont, Mississippi. On April 17, 2022, a tornado significantly damaged the current facility, and the mill was deemed inoperable.
WestRock to Permanently Close North Charleston, SC, Paper Mill on August 31st
WestRock Company announced on Tuesday (5-2-23) that it will permanently cease operating its paper mill in North Charleston, South Carolina, on August 31, 2023. The North Charleston mill has a combined capacity of 550,000 tons.
30-Year Mortgage Rate Moves Lower; 15-Year Rate Inches Higher
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending May 4th. The 30-year fixed-rate mortgage averaged 6.39%, up from last week when it averaged 6.43%. A year ago at this time, the 30-year rate averaged 5.27%.
Third Large Western Australia Sawmill Announces Closure
A third large sawmill located in southern Western Australia has announced it plans to close prior to the official ban of native logging coming into effect in 2024 according to a report by ABC News.
Private Sector Job Cuts Down Month-Over-Month but Up Year-Over-Year in April
According to the Challenger, Gray & Christmas, Inc. Job Cuts Report released Thursday, US-based employers announced 66,995 job cuts in April. This is down 25% from 89,703 announced cuts in March. However, it is up 176% from the 24,286 cuts announced in April 2022.
US Weekly Jobless Claims Increase for the Week Ending April 29th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 242,000 during the week ending on Saturday, April 29th. This is an increase of 13,000 from the previous week’s revised level of 229,000.
US Census Bureau Releases 2023Q1 Quarterly Residential Vacancies and Homeownership Report
According to the report, the US national vacancy rate in Q1 was 6.4% for rental housing and 0.8% for homeowner housing. The rental vacancy rate was higher than the rate in 2022Q1, when it was 5.8%, and higher than the 2022Q4 rate, which was also 5.8%.
Construction Sector Job Openings and Labor Turnover Survey Results for April
A closer look at the Bureau of Labor Statistics Job Openings and Labor Turnover Survey for March with a focus on the construction sector reveals that the construction labor market saw a decline in the number of job openings in March.