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.
Wood Markets News
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.
Expansion of the Cascade-Siskiyou National Monument Will Depend on Courts’ Ruling on Presidential Logging Authority
The expansion of the Cascade-Siskiyou National Monument may come down to whether the president—at the time, Barack Obama—had authority over the 2.4 million acres of federal “Q&C Lands” in Western Oregon. The decision falls to the US Court of Appeals for the 9th Circuit.
Construction Industry Job Openings Remained 60% Above Pre-Pandemic Levels in July
A deeper dive into the US Bureau of Labor Statistics’ (BLS) Job Openings and Labor Turnover Survey (JOLTS) for July reveals that the construction industry had an increase in job openings month-over-month (June–July 2022) of 22,000, which brings the total number of job openings in July to 375,000 jobs.
Canadian Real GDP Records Fourth Consecutive Quarter of Growth in Q2 2022
Statistics Canada (StatsCan) reported today that in Q2 of 2022, real GDP in Canada increased 0.8%. The increase marks the fourth consecutive quarterly Canadian GDP growth. Final domestic demand rose by 0.7% in Q2, following a 0.9% increase in Q1 2022.