The US Bureau of Labor Statistics reported today that total nonfarm payroll employment increased by 223,000 in December. Payroll employment increased by 4.5 million in 2022—an average monthly gain of 375,000. The unemployment rate dipped to 3.5%.
Wood Markets News
Canadian Employment Increased and Unemployment Declined in December
Statistics Canada (StatsCan) reported on Friday (1-6-23) that employment in Canada rose by 104,000, or 0.5%, in December. Employment had previously peaked in May 2022, followed by a downward trend that lasted through August. As a result of cumulative gains since then, employment in December was 130,000, or 0.7%, above its May level.
Construction Labor Market Experiences Further Decline in Job Openings in November
A closer look at the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS) for November reveals that the construction labor market in November experienced another month of shrinking job openings, as the housing market continued to cool.
30-Year and 15-Year Fixed-Rate Mortgages Move Higher
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending January 5th. The 30-year fixed-rate mortgage averaged 6.48%, up from last week when it averaged 6.42%. A year ago at this time, the 30-year rate averaged 3.22%.
ADP® Reports Private Sector Employment Gains and Increased Compensation in December
According to the November ADP® National Employment Report™ released today, nonfarm private sector employment increased by 235,000 jobs in December, and annual pay was up 7.3%, year-over-year.
Construction is Underway on the University of British Columbia’s Mass Timber Gateway Building
Construction is underway at the University of British Columbia’s (UBC) $180 million (CAD) Gateway Building. The six-story, 267,000 square-foot mass timber building is intended to be the “principal point of entry” to the UBC campus.
Job Cuts in December Decreased Month-Over-Month but Increased Year-Over-Year
According to the Challenger, Gray & Christmas, Inc. (CG&C) Job Cuts Report released today, US-based employers announced 43,651 job cuts in December, down 43% from the 76,835 announced job cuts in November.
US Weekly Jobless Claims Fell in the Week Ending December 31st
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 204,000 during the week ending on Saturday, December 31, 2022. This is decrease of 19,000 from the previous week’s revised level of 223,000.
Canfor Announces Extension of Temporary Sawmill Curtailments at Select Facilities in BC
Citing ongoing weak market conditions and the lack of available economic fiber, Canfor Corp. announced on Tuesday that it was extending the temporary sawmill curtailments—originally announced on December 5, 2022—at select solid wood facilities in British Columbia.
Domtar Agrees to Sell Its Dryden Pulp and Thunder Bay Pulp & Paper Mill to Address Competition Concerns With Its Acquisition of Resolute Forest Products
Canada’s Competition Bureau has entered into a consent agreement with Domtar Corporation to address the competition concerns with its acquisition of Resolute Forest Products Inc. Domtar Corporation has agreed, post-transaction, to sell its Dryden pulp mill and Thunder Bay pulp and paper mill to two independent purchasers.