The Conference Board Leading Economic Index® (LEI) increased 0.3% to a reading of 99.7 (2016=100) in November, nearly reversing its 0.4% decline in October.
Wood Markets News
US Weekly Initial Jobless Claims Decline in the Week Ending December 14th
The advance figure for seasonally adjusted initial unemployment claims was 220,000, a decrease of 22,000 from the previous week’s unrevised level.
US Housing Starts, Permits, and Completions Show Mixed Results in November
Housing starts in November were at a seasonally adjusted annual rate of 1,289,000. This is 1.8% below October and 14.6% below November 2023.
Federal Reserve Lowers Interest Rates for Third Consecutive Time
The Fed moved forward with an anticipated 25-basis-points rate cut, bringing the target rate for the federal funds rate to 4.25–4.50%
Revenue from Canadian Logging Declines 4.9% in 2023
Total revenue in the logging industry declined 4.9% from 2022 to $11.7 billion (CAD) in 2023.
Investment in Canadian Building Construction Declines 1.1% in October
Investment in building construction fell 1.1% to C$21.4 billion in October, following a 2.6% increase in September. However, year-over-year, investment grew 3.4%.
US Existing-Home Sales Rise in November, Redfin Reports
Redfin said existing-home sales rose 0.7% in November, reaching a seasonally adjusted annual rate of 4,269,850—the highest level since March 2023.
US Mortgage Applications Decrease in the Week Ending December 13th
Mortgage loan application volume declined 0.7% on a seasonally adjusted basis from one week earlier, MBA reported.
US Builder Confidence Holds Steady in December
The NAHB/Wells Fargo Housing Market Index (HMI) held steady at a reading of 46 in December, unchanged from November.
Canadian Housing Starts Climb 8.0% in November
The seasonally adjusted annual rate of housing starts was up 8.0% in November at 262,443 units, CMHC reported.