US-based employers announced 75,891 cuts in August, a 193% increase from the 25,885 announced in July, CG&C reported.
Wood Markets News
US Weekly Initial Jobless Claims Decline in the Week Ending August 31st
The advance figure for seasonally adjusted initial unemployment claims was 227,000, a decrease of 5,000 from the previous week.
Canfor to Close Its Plateau and Fort St. John Sawmills in Northern British Columbia
Canfor announced that following a thorough review of operating conditions, it will be closing its Plateau and Fort St. John operations in northern British Columbia.
Canfor to Reduce Production at Southern US Operations
Canfor announced that it will reduce production at its southern US operations due to persistent weak lumber markets.
Bank of Canada Reduces Policy Rate by 25 Basis Points to 4.25%
The Bank of Canada reduced its target for the overnight rate to 4.25%, with the Bank Rate at 4.50% and the deposit rate at 4.25%. The Bank is continuing its policy of balance sheet normalization.
BC Council of Forest Industries Releases New Report: “Building for the Future”
COFI released a new report highlighting the vital role BC wood products play in ensuring the supply of cost-effective, climate-resilient building materials for affordable housing.
Nonresidential Construction Spending Declines for Second Consecutive Month in July
Nationwide nonresidential construction spending decreased 0.2%, the Census Bureau and ABC reported.
US Open Construction Sector Jobs Drop in July
The number of open construction sector jobs shifted notably lower from 299,000 in June to 248,000 in July, the BLS and NAHB reported.
Mortgage Applications Trend Higher in the Week Ending August 30th
Mortgage loan application volume increased 1.6% on a seasonally adjusted basis from one week earlier, MBA reported.
Scottish Exports of Timber to Ireland Suspended Due to Discovery of Bark Beetle
Scottland and Ireland have agreed to a precautionary pause preventing all conifer timber with bark on from being transported to Ireland from Scotland’s west coast Pest Free Area.