According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending August 26, the Market Composite Index (a measure of mortgage loan application volume) decreased 3.7% on a seasonally adjusted basis from one week earlier.
Wood Markets News
ADP Reports Private Sector Employment Gains and Increased Compensation in August
According to the August ADP® National Employment Report™ released today, nonfarm private sector employment increased by 132,000 jobs in August, and annual pay was up 7.6%. The report is produced by the ADP Research Institute® in collaboration with Stanford Digital Economy Lab.
US Home Price Gains Continued to Decelerate in June 2022
On Tuesday, S&P CoreLogic Case-Shiller released its US National Home Price NSA Index for June. The Index, which covers all nine US Census divisions, reported that home prices experienced a 18.0% annual gain in June, down from 19.1% in May and down from a 20.6% annual gain in April.
Canada Officially Files Notice of Challenge to US Softwood Lumber Duties
Canada’s International Trade Minister Mary Ng announced on Monday that the Canadian government has filed a formal notice of challenge under the US–Mexico–Canada trade agreement’s dispute resolution system, in regard to US duties on Canadian softwood lumber.
US House Prices Increased 17.7% Year-Over-Year in Q2 2022, FHFA Reports
According to the latest Federal Housing Finance Agency (FHFA) House Price Index, nationwide US home prices rose 17.7% from Q2 2021 to Q2 2022. House prices were up 4.0% when compared to Q1 2022. The FHFA’s seasonally adjusted monthly index for June 2022 was up 0.1% from May 2022.
The Conference Board’s Consumer Confidence Index Moves Higher in August
The Conference Board released today their Consumer Confidence Index® (CCI) for August 2022. After three consecutive months of declines, the CCI increased in August. The Index now stands at 103.2 (1985=100), up from its July reading of 95.3.
Job Openings and Labor Turnover Summary Released for July 2022
On Tuesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for July 2022. According to the JOLTS report, as of the last day in July, the number and rate of job openings was little changed at 11.2 million and 6.9 percent, respectively.
As a September Strike Deadline Approaches, US Railroads Reach Tentative Agreements With 3 of 12 Labor Unions
With the potential of a nationwide railroad strike in September drawing ever closer, the National Carrier’s Conference Committee on Monday afternoon reported that tentative deals have been reached with the Transportation Communications Union/IAM, Brotherhood of Railway Carmen, and International Association of Machinists and Aerospace Workers.
BC Forest Minister Responds to ONA First Nation Claims of Failure to Protect Old-Growth Forests and Caribou Habitat in Revelstoke Area
Last week, the ONA, which consists of seven First Nations in the Okanagan and Similkameen, rebuked the BC provincial government for failing to protect old growth forests and critical caribou habitat. The provincial government has responded saying in fact that it has deferred the logging of old-growth forests in the Revelstoke area.
Asia-Pacific Economic Cooperation (APEC) Members Move to Strengthen Sustainable Forest Management
Asia-Pacific Economic Cooperation (APEC) ministers responsible for forestry are calling for greater cooperation between their members to help curb deforestation and further biodiversity loss, as the region increases its fight against climate change and advances action for a sustainable future.