According to Fannie Mae’s Economic and Strategic Research (ESR) Group’s latest commentary, the ESR is expecting the economy to enter a modest recession in the second half of the year. Unusual dynamics continue to complicate forecasting the exact time.
Wood Markets News
Canadian Unemployment Minimally Changed in March
In March, 388,000 Canadians received regular Employment Insurance (EI) benefits, which is little changed from February’s totals. The number of Canadians collecting EI benefits fell by 141,000, or 26.7%, year-over-year.
China Lifts Ban on Australian Timber Imports
According to ABC News, China’s Ambassador to Australia said Australian timber exporters had satisfied China’s quarantine concerns, and China has reopened its door to Australian timber imports for the first time in more than two years.
Existing Home Sales Decline Month-Over-Month and Year-Over-Year in March
The National Association of Realtors® reported that total existing home sales recorded a 3.4% decline in April from March to a seasonally adjusted rate of 4.28 million homes in April. Year-over-year, sales are down 23.2%.
Belarus to Sell More Sawn Timber to China via the Belarusian Universal Commodity Exchange
The Belarusian Universal Commodity Exchange has told the Belarusian Telegraph Agency, the country’s state-owned news agency, that it intends to ship more Belarusian sawn timber products to China.
30-Year Fixed Mortgage Rate Creeps Higher in the Week Ending May 18th
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending May 18th. The 30-year fixed-rate mortgage averaged 6.39%, up from last week when it averaged 6.35%. A year ago, the 30-year rate averaged 5.25%.
Metsä Board Announces Plans for Temporary Layoffs in Finland
Metsä Board, part of Metsä Group, will initiate negotiations on possible temporary layoffs for its paperboard and BCTMP mills in Finland. The negotiations involve a total of 1,100 employees at seven mills.
The Conference Board Reports US Leading Economic Index® Declined 0.6% in April
The Conference Board’s Leading Economic Index® (LEI) declined 0.6% in April to a reading of 107.5 (2016=100) after posting declines of 1.2% in March and 0.5% in February. The LEI has dropped 4.4% over the last six months.
US Weekly Jobless Claims Decrease for the Week Ending May 13th
The advance figure for seasonally adjusted initial unemployment claims was 242,000 during the week ending Saturday, May 13th. This is a decrease of 22,000 from the previous week’s unrevised level of 264,000.
US Housing Starts Increase in April; Permits and Completions Fall
Privately‐owned housing starts in April were at a seasonally adjusted annual rate of 1,401,000; this is 2.2% above the revised March. Single-family housing starts in April were at a rate of 846,000; this is 1.6% above the revised March figure of 833,000.