On Wednesday, the US Forest Service announced that it has signed 11 co-stewardship agreements with thirteen tribes as part of the agency’s commitment to protect tribal interests in the lands they value as part of their culture and history. These agreements are in response to Joint Secretarial Order 3404.
Wood Markets News
US Nonfarm Payroll Increases by 263,000 in November; Unemployment Holds Steady at 3.7%
The US Bureau of Labor Statistics today reported that total nonfarm payroll employment increased by 263,000 in November. The unemployment rate was unchanged at 3.7% and has been in a narrow range of 3.5% to 3.7% since March.
Record High for Home Delistings Set in the 12-Week Period Ending November 20th
Redfin is reporting that a record 2% of US homes for sale were delisted each week on average during the 12-weeks ending November 20th. During the same period in 2021, the delisting rate was 1.6%. The share has come down slightly since November 20th.
Employment in Canada Edged Higher in November; Unemployment Inched Lower
Statistics Canada reported today that employment in Canada was little changed in November, adding just 10,000 new positions. This follows an increase of 108,000, or 0.6%, in October. Employment increased in Quebec but declined in five provinces.
Western Forest Products Announces Temporary Lumber Production Reduction for the Remainder of 2022
Western Forest Products announced today it plans to temporarily reduce lumber production output by approximately 20 million board feet through the remainder of 2022. This to manage inventory levels to meet current market conditions.
Freight Railroad Strike Averted
The US Senate has passed legislation, 80 to 15, to avert a nationwide Class 1 freight railroad strike that was scheduled to begin at 12:01 AM on Friday, December 9th.
Construction Labor Market Experiences Further Decline in Job Openings in October
A closer look at the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS) for October reveals that the construction labor market experienced a decline in job openings as the housing market continued to slow. Open construction positions fell from 423,000 in September to 371,000 in October.
Construction Spending for October Down Month-Over-Month but Up Year-Over-Year
On Thursday, the US Census Bureau reported that total construction spending during October 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,794.9 billion, 0.3% below the revised September estimate of $1,800.1 billion.
30- and 15-Year Mortgage Rates Decline for Third Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® (PMMS) for the week ending December 1st. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 6.49%, down from last week when it averaged 6.58%.
Personal Income, Disposable Income, and Personal Consumption Expenditures All Rise in October
The US Bureau of Economic Analysis reported on Thursday that, according to estimates, personal income increased 0.7% in October. Disposable personal income increased 0.7%. Personal consumption expenditures increased 0.8%.