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%.
Wood Markets News
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.
Mortgage Applications Decline in the Week Ending April 28th
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the week ending April 28th, the Market Composite Index decreased 1.2% on a seasonally adjusted basis from one week earlier.
ADP® Reports Private Sector Employment Gains but Reduced Compensation in April
According to the ADP® National Employment Report™ released Wednesday, nonfarm private sector employment increased by 296,000 jobs in April, and annual pay was up 6.7% year-over-year.
Sinclar Group Announces Curtailments at Its Apollo, Lakeland, and Nechako Facilities
Sinclar Group Forest Products announced on Monday that is curtailing operations for various periods of time over the next few months at its Apollo Forest Products in Fort St. James, Lakeland Mills in Prince George, and Nechako Lumber Co. in Vanderhoof, British Columbia.
Huber Resources Acquires Certain Assets of Compass Land Consultants
Huber Resources Corp, a subsidiary of the JM Huber Corporation, announced on Monday that it has acquired certain assets of Compass Land Consultants. According to the press release, the move will grow and expand HRC as well as its Sewall Forestry and Natural Resources Consulting business globally in key service areas.