A closer look at the Bureau of Labor Statistics’ (BLS) August nonfarm payroll employment report shows both residential and non-residential construction industry employment totaled 7.7 million in August, exceeding its February 2020 level. In August, construction employment grew by 16,000 jobs.
Wood Markets News
For the First Time in 17 Months, the Average Home Sold Below Its List Price
In their latest market report for the 4-week period ending August 28, Redfin is reporting that as the housing market cooldown continues, the average home sold for less than its list price—the first time in over 17-months that selling below list has happened.
US Nonfarm Payroll Increases by 315,000 in August; Unemployment Inches Higher to 3.7%
The US Bureau of Labor Statistics reported that total nonfarm payroll employment increased by 315,000 in August. Nonfarm employment has risen by 5.8 million over the past 12 months. This growth brings total nonfarm employment 240,000 higher than its pre-pandemic level in February 2020.
Impasse Between US Freight Railroads and 9 of 12 Railroad Unions Continues
With 9 out of the 12 railroad unions still in negotiations with the freight railroads on a new labor agreement, and major sticking points over wages and benefits remaining a major hurdle, time is growing short to prevent a nationwide freight railroad strike from starting on September 16.
Total Value of Canadian Building Permits, Both Residential and Nonresidential, Decline in July
Statistics Canada reported today that in July, the total value of building permits in Canada dropped 6.6% to $11.2 billion (CAD), mainly due to declines in the residential sector. On a constant dollar basis (2012), the total value of building permits decreased 4.8% to 6.9 billion.
US Monthly Construction Spending Trends Lower in July 2022
On Thursday, the US Census Bureau reported that total construction spending during July 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,777.3 billion, 0.4% below the revised June estimate of $1,784.3 billion.
Job Cuts in August Decline Month-Over-Month but Are Higher Year-Over-Year
According to Challenger, Gray & Christmas, Inc.’s (CG&C) Job Cuts Report released today (9-1-22), US-based employers announced 20.485 job cuts in August. This is a 21% decrease from the 25,810 job cuts announced and reported in July 2022.
Mortgage Rates Continued to Climb in the Week Ending September 1, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 1, 2022. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 5.66% with an average 0.8 point, up from last week when it averaged 5.55%.
US Weekly Jobless Claims Decline for the Week Ending August 27, 2022
The US Department of Labor is reporting that (seasonally adjusted) an additional 232,000 Americans made their initial filing for unemployment benefits during the week ending on August 27. This is a decrease of 5,000 from the previous week’s revised-lower level of 237,000.
Canfor Announces Reduced Operations at Its Swedish Facilities—Effective September 12, 2022
Canfor Corporation announced today that effective September 12, it intends to reduce operations at its Swedish facilities due to a decrease in market demand. The reduced operating schedule will result in a 15% decrease in production capacity and the reduction is anticipated to remain in effect through Q4 2022.