A closer look at the US Bureau of Labor Statistics Producer Price Index (PPI), with a focus on the cost of construction materials and analysis by the National Association of Home Builders, reveals that inputs to residential construction less energy rose 0.9%, not seasonally adjusted, in January.
Wood Markets News
Canadian Industrial Product Price Index Edges Higher, but Raw Materials Price Index Inches Lower in January
Statistics Canada reported Friday that following two consecutive months of declines, the Industrial Product Price Index increased 0.4% month-over-month in January. The Raw Materials Price Index suffered its third consecutive monthly decline, moving 0.1% lower month-over-month.
The Conference Board Leading Economic Index® Declined Again in January
The Conference Board released Friday its Leading Economic Index® (LEI) for the US in January. The LEI declined 0.3% in January to a reading of 110.3 (2016=100), following a 0.8% decline in December. The LEI has dropped 3.6% over the six-month period from July 2022 to January 2023.
US Housing Starts, Permits, and Completion Data Released for January
The US Census Bureau reported on Thursday that privately‐owned housing starts in January were at a seasonally adjusted annual rate of 1,309,000. This is 4.5% below the revised December estimate of 1,371,000 and 21.4% below the January 2022 rate of 1,666,000.
Canfor Resumes Production at its Houston, BC, Sawmill, but Temporary Shutdown Still Scheduled for April
Canfor’s Houston, BC, sawmill facility resumed full production on February 6th, the Houston Today reported on Wednesday. The restart follows the completion of repairs to a computer room that controls the operations of the trimmer saws, which was damaged by a fire on January 22nd.
Fixed Mortgage Rates Climb Higher for Second Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 16th. The 30-year fixed-rate mortgage averaged 6.32%, up from last week when it averaged 6.12%. A year ago at this time, the 30-year rate averaged 3.92%.
Producer Price Index for Final Demand Increases 0.7% in January—Up 6.0% Year-Over-Year
The Bureau of Labor Statistics reported today that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.7% in January 2023, following a 0.2% decline in December and a 0.3% increase in November.
US Weekly Jobless Claims Decrease for the Week Ending February 11th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 194,000 during the week ending on Saturday, February 11th. This is a decrease of 1,000 from the previous week’s revised level of 195,000 (originally reported as 196,000).
BC Announces New Measures to Protect Old-Growth, Increase Innovation and Forest Stewardship
The BC government announced that it is taking new measures to protect more old growth by fast-tracking innovation and co-developing new local plans with First Nations to better care for the province’s forests. The focal point of the plan is $25 million for new Forest Landscape Planning tables.
R-Y Timber to Permanently Close Its Livingston, Montana, Sawmill Facility
R-Y Timber Inc. announced on Tuesday that it has decided to permanently close its sawmill in Livingston, Montana, after the facility suffered its second major fire in a 5-month period. Most recently, the sawmill building was severely damaged by fire on February 7th.