The US House of Representatives today voted to approve legislation that would avoid a nationwide Class 1 Freight Railroad strike scheduled to begin on December 9th. The bill is now headed to the US Senate, where Majority Leader Chuck Schumer voiced his optimism on the bill’s prospects.
Wood Markets News
Mortgage Applications Decline in Week Ending November 25th
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending November 25, the Market Composite Index (a measure of mortgage loan application volume) decreased 0.8% on a seasonally adjusted basis from one week earlier.
BEA Reports Real GDP in Q3 Increased at an Annual Rate of 2.9% in Its “Second” Estimate
The Bureau of Economic Analysis released today its “second” estimate for Q3 real gross domestic product (GDP). According to the report, GDP increased at an annual rate of 2.9% in Q3. This follows declines of 0.6% in 2022Q2 and 1.6% in 2022Q1.
ADP Reports Private Sector Employment Gains and Increased Compensation in November
According to the November ADP® National Employment Report™ released today (11-30-22), nonfarm private sector employment increased by 127,000 jobs in November, and annual pay was up 7.6%, year-over-year.
Pending Homes Sales Continued to Decline in October
The National Association of Realtors® (NAR) reported on Wednesday that its Pending Homes Sales Index (PHSI) declined 4.6% in October from September to a reading of 77.1. The PHSI has dropped for the fifth consecutive month and eleven out of the past twelve months.
Job Openings and Labor Turnover Summary Released for October
On Wednesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for October. The number of job openings edged lower to 10.3 million, or 353,000 less than in September. The rate changed little at 6.3%, but 1.0% lower than its peak in March 2022.
President Biden Asks Congress to Prevent a Nationwide Class 1 Freight Railroad Strike or Lockout
With the December 9th deadline for a US Class 1 freight railroad worker strike or operating railroads lockout rapidly approaching, and with 400 trade groups pleading for action, President Joe Biden asked Congress to pass legislation that would compel railroads and unions to adopt the new agreement.
FHFA Reports US House Prices Increased 12.4% Year-Over-Year in Q3
According to the latest Federal Housing Finance Agency (FHFA) House Price Index, US home prices rose 12.4% from 2021Q3 to 2022Q3. The FHFA’s seasonally adjusted monthly index for September 2022 was up 0.1% from August of 2022.
“T3 Collingwood” Will be One of Melbourne’s Tallest Hybrid Mass Timber Buildings
The Melbourne, Australia, suburb of Collingwood will soon be home to a hybrid timber tower. Designed by Jackson Clements Burrows (JCB), the sustainable commercial office will comprise of 15 stories, including 10 levels of timber tower.
Canadian GDP Edges Higher in September
Statistics Canada reported today that real gross domestic product (GDP) in Canada edged 0.1% higher in September. Growth was led by goods-producing industries, up 0.3%, while service-producing industries were basically flat.