A closer look at the US Bureau of Labor Statistics total nonfarm payroll report for September, with a focus on construction employment, reveals that employment in the sector increased by 19,000 to a total of 7.7 million in September. Residential construction added 6,4000 jobs and employment currently is above its February 2020 level.
Wood Markets News
Mortgage Credit Availability Declines for Seventh Consecutive Month in September
According to the Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI), which analyzes data from the ICE Mortgage Technology, mortgage credit availability declined for the seventh consecutive month in September. The MCAI declined 5.4% to a reading of 102.5 in September.
US National Interagency Fire Center Wildfire Update for October 11th: 2 of 64 Contained
The US National Interagency Fire Center reported on Tuesday that the total number of large wildfires and complexes currently burning in the US dropped from 72 last Monday to 64, with more than 708,917 acres currently burning across 7 different states. Four new wildfires have been reported within the past 24 hours.
US Class 1 Freight Railroad Unions Reviewing Tentative Agreement: Four Ratified, Eight Pending
The railroads and labor organizations have reached a tentative agreement, and rank-and-file members of the various labor organizations have or are in the process of ratifying the new agreement. To date, four labor organizations have ratified their agreements, while eight are still pending.
Stora Enso Begins Cross-Laminated Timber Production in New Ždírec, Czech Republic, Facility
Stora Enso today inaugurated its new manufacturing site for the production of cross-laminated timber (CLT) in Ždírec, Czech Republic. When fully operational, the site will have an estimated annual production capacity of approximately 120,000 m3.
US Wood Pellet Exports Climb Higher Month-Over-Month and Year-Over-Year in August
According to the United States Department of Agriculture’s Foreign Agricultural Service, the US exported 880,876 metric tons of wood pellets in August. This is up from 649,185.7 metric tons of wood pellets in July. Year-over-year, it is up from 647,922.9 metric tons in August 2021.
Fannie Mae Home Purchase Sentiment Index® Trends Lower in August
Fannie Mae today released its Home Purchase Sentiment Index® for September. The HPSI fell 1.2 points to a reading of 60.8. This marks the seventh consecutive monthly decline, as affordability constraints continue to grow. Year-over-year, the full index is down 13.7 points.
US Nonfarm Payroll Increases by 263,000 in September; Unemployment Falls to 3.5%
The Bureau of Labor Statistics reported today that total nonfarm payroll employment increased by 263,000 in September, the lowest monthly gain in 17 months. Monthly job growth has averaged 420,000 thus far in 2022, compared to 562,000 per month in 2021.
Canadian Employment Up Slightly in September; Unemployment Edges Lower
Statistics Canada reported today that employment in Canada was little changed in September. After declining in August, employment was up 21,000 in September. However, when compared to May 2022, when employment last increased, there were 92,000, or 0.5%, fewer Canadians working.
ARAUCO Board Approves $235 Million Investment in New MDF Line for Zitácuaro, Mexico, Facility
ARAUCO announced on Wednesday that its board of directors has approved an estimated investment of $235 million (USD) for the construction of a new MDF line in Zitácuaro, Mexico. The project is scheduled to be completed and the new line operational in 2025Q2.