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.
Wood Markets News
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.
US Job Openings and Labor Turnover Summary for July
As of the last business day in July, the number of job openings was 7.7 million. Year-over-year, the measure was down 1.1 million. The job opening rate was little changed at 4.6%.
US Construction Spending Declines 0.3% in July
Total construction spending during July was estimated at a seasonally adjusted annual rate of $2,162.7 billion, 0.3% below the revised June estimate of $2,169.0 billion.
TotalEnergies Invests $100 Million in Forestry Operations to Preserve Carbon Sinks
TotalEnergies has signed a $100 million agreement with Anew Climate, a North American leader in climate solutions, and Aurora Sustainable Lands, a carbon-stewardship company and forest landowner in the US.
BNSF Railway and Norfolk Southern Reach 5-Year Agreements with Additional Unions
BNSF Railroad and Norfolk Southern have reached tentative five-year contract agreements with additional unions four months before the opening round of national collective bargaining, FreightWaves reported.