According to the October ADP® National Employment Report™, nonfarm private sector employment increased by 239,000 jobs in October, and annual pay was up 7.7% year-over-year. The report is produced in collaboration with Stanford Digital Economy Lab.
Wood Markets News
Mortgage Applications Decline for Sixth Consecutive Week
According to data from the Mortgage Bankers Association, for the week ending October 28th, the Market Composite Index—a measure of mortgage loan application volume—decreased 0.5% on a seasonally adjusted basis from one week earlier.
Resolute Forest Products Shareholders Vote in Favor of Paper Excellence Group Offer
Resolute Forest Products Inc. (RFP) announced on Monday that their stockholders have approved a proposal to adopt the Agreement and Plan of Merger, dated July 5, 2022, for the $2.7 billion acquisition offer from Paper Excellence Group.
Total US Construction Spending Up Month-Over-Month and Year-Over-Year in September
On Tuesday, the US Census Bureau reported that total construction spending during September was estimated at a seasonally adjusted annual rate of $1,811.1 billion, 0.2% above the revised August estimate of $1,807.0 billion.
Brazilian Exports of Wood-Based Products Fall Month-Over-Month and Year-Over-Year in September
According to the International Tropical Timber Organization, Brazilian exports of wood-based products (except pulp and paper) in September declined 11% in value year-over-year. Pine sawnwood exports declined 15.0% in value.
Construction-Focused Look at Job Openings & Labor Turnover Survey for September
A closer look at the Job Openings and Labor Turnover Survey (JOLTS) for September, with a focus on the construction sector, shows that hiring in the construction sector remained solid at a 4.7% rate in September.
Job Openings and Labor Turnover Summary Released for September
On Tuesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for September. As of the last business day in September, the number of job openings increased to 10.7 million.
Weyerhaeuser Strike Comes to an End
Weyerhaeuser announced on Friday afternoon the successful resolution to a more than 6-week labor dispute, which has interrupted production in Oregon and Washington. The new agreement will result in the resumption of normal operations at all sites.
After Hurricane Fiona’s Destruction, Prince Edward Island Government Addresses Needs of Private Woodlot Owners and Forest Industry
On Friday, the province of Prince Edward Island (PEI) announced that in the wake of Hurricane Fiona’s unprecedented impact, the government has formed a task force to address the immediate needs of private woodlot owners and the forestry industry.
Mass Timber Construction Continues to Gain Ground in Michigan
Nationwide, demand for mass timber has tripled between 2018 and 2019. For example, Michigan businesses searching for ways to reduce their carbon footprint are looking at mass timber panels instead of steel or concrete for their construction projects.