According to the United States Department of Agriculture’s Foreign Agricultural Service, the US exported 880,876 metric tons of wood pellets in August. This is up from 649,185.7 metric tons of wood pellets in July. Year-over-year, it is up from 647,922.9 metric tons in August 2021.
Wood Markets News
Fannie Mae Home Purchase Sentiment Index® Trends Lower in August
Fannie Mae today released its Home Purchase Sentiment Index® for September. The HPSI fell 1.2 points to a reading of 60.8. This marks the seventh consecutive monthly decline, as affordability constraints continue to grow. Year-over-year, the full index is down 13.7 points.
US Nonfarm Payroll Increases by 263,000 in September; Unemployment Falls to 3.5%
The Bureau of Labor Statistics reported today that total nonfarm payroll employment increased by 263,000 in September, the lowest monthly gain in 17 months. Monthly job growth has averaged 420,000 thus far in 2022, compared to 562,000 per month in 2021.
Canadian Employment Up Slightly in September; Unemployment Edges Lower
Statistics Canada reported today that employment in Canada was little changed in September. After declining in August, employment was up 21,000 in September. However, when compared to May 2022, when employment last increased, there were 92,000, or 0.5%, fewer Canadians working.
ARAUCO Board Approves $235 Million Investment in New MDF Line for Zitácuaro, Mexico, Facility
ARAUCO announced on Wednesday that its board of directors has approved an estimated investment of $235 million (USD) for the construction of a new MDF line in Zitácuaro, Mexico. The project is scheduled to be completed and the new line operational in 2025Q2.
Drax to Acquire Remaining 10% of Alabama Pellet LLC Joint Venture From Two Rivers Lumber
Drax Group announced on Wednesday that it has agreed to acquire the remaining 10% minority interest in Alabama Pellet LLC joint venture from Two Rivers Lumber Co. LLC. for a cash consideration of $22 million (USD). The transaction is expected to be completed by the end of October 2022.
Mortgage Rates Inch Lower in the Week Ending October 6, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 6, 2022. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 6.66% with an average 0.8 point, down from last week when it averaged 6.70%. A year ago at this time, the 30-year FRM averaged 2.99%.
Job Cuts Up Month-Over-Month and Year-Over-Year in September
According to the Challenger, Gray & Christmas, Inc. Job Cuts Report released today, US-based employers announced 29,989 job cuts in September. This is a 46.4% increase from the 20,485 job cuts announced and reported in August 2022.
US Weekly Jobless Claims Increase for the Week Ending October 1, 2022
The US Department of Labor is reporting that seasonally adjusted an additional 219,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, October 1, 2022. This is an increase of 29,000 from the previous week’s revised-lower level of 190,000.
Total Commercial/Multifamily Borrowing and Lending Expected to Decrease 14% Year-Over-Year
According to an updated baseline forecast released on Tuesday by the Mortgage Bankers Association, total commercial and multifamily mortgage borrowing and lending is anticipated to fall to $766 billion this year, down 14% from $891 billion in 2021.