The Index of Consumer Sentiment increased to a reading of 59.5 in September, up from its reading of 58.2 in August. This is month-over-month increase of 2.2% but down 18.3% year-over-year (72.8 in September 2021).
Wood Markets News
US Class 1 Freight Railroad Strike Averted After 20-Hour Marathon Bargaining Session
A 20-hour marathon bargaining session, hosted by U.S. Secretary of Labor Marty Walsh, between the unions representing 115,000 workers and the US Class 1 freight railroads has yielded a tentative agreement which has averted, at least for now, a nationwide Class 1 railroad lockout or strike.
Fort Nelson First Nation Secures One of the Largest Ever Forest Tenures from BC Government
The BC Ministry of Forests has set out a tenures offer with a total quantum of 1.26 million cubic meters per year, making it one of the largest forest tenures commitments ever made to a First Nation. The commitment is reportedly to enable the construction and operation of the FNFN pellet facility project.
Mortgage Rates Top 6% for First Time Since 2008 in the Week Ending September 15, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 15, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.02% with an average 0.8 point, up from last week when it averaged 5.89%.
Canadian Home Sales Slowed Modestly in August
Canadian Real Estate Association data reveals that national home sales in Canada slowed modestly in the August, decreasing 1% month-over-month. This marks the sixth consecutive month-over-month decline in housing; however, it was the smallest of the six.
Bureau of Labor Statistics Producer Price Index, With Focus on Building Materials, Released for August
A deeper look into the Bureau of Labor Statistics August Producer Price Index (PPI), with a focus on building, reveals that price of building materials rose (not seasonally adjusted) 0.5% in August. Prices increased even as softwood lumber prices declined 5.2% in the month.
US Weekly Jobless Claims Decrease for the Week Ending September 10, 2022
The US Department of Labor is reporting that, seasonally adjusted, an additional 213,000 Americans made their initial filing for unemployment benefits during the week ending on September 10th. This is a decrease of 5,000 from the previous week’s revised-lower level of 218,000.
One New US Class 1 Freight Railroad Tentative Agreement Announced; Two Unions Ratify Agreements; And One Union Turns Down Deal and Votes to Strike
The latest tentative agreement, two ratifications, and one rejection means that 9 out of the 12 labor unions have either reached tentative agreement and are either waiting for, or already have, membership ratification.
Monday Morning Fire Destroys R-Y Timber’s Planer Building and Machinery in Livingston, Montana
An early morning fire on Monday at R-Y Timber in Livingston, Montana, destroyed the company’s planer building and its contents. Firefighters were able to contain the fire to the planer building, and no other buildings at the facility were impacted.
Mortgage Applications Decline for Fifth Consecutive Week in the Week Ending September 9, 2022
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending September 9th, the Market Composite Index decreased 1.2% on a seasonally adjusted basis from one week earlier.