Statistics Canada reported today that real GDP was essentially unchanged in May, following a 0.3% increase in April. Growth in services-producing industries of 0.4% was offset by a decline in goods-producing industries of 1.0%. Overall, 14 of the 20 industry sectors tracked reported increases.
Wood Markets News
Inflation Impacting Personal Income and Outlays for June 2022
The US Bureau of Economic Analysis reported on Friday that, according to their estimates, personal income increased $133.5 billion, or 0.6%, in June. Disposable personal income increased $120.4 billion, or 0.7%, in June. Personal consumption expenditures increased $181.1 billion, or 1.1%, in June.
University of Michigan Final Consumer Sentiment Index for July 2022 Remains Near Its Historic Low
The University of Michigan today released its final Consumer Sentiment Index (CSI) for July. The Index of Consumer Sentiment increased to a reading of 51.5 in July, up from its 50.0 reading in June. This is a month-over-month increase of 3.0% but down 36.6% year-over-year (81.2 in July 2021).
Canfor Corporation Announces $210 Million Investment In a New Sawmill Facility in Southern Alabama
Canfor Corporation announced today that it will be investing approximately $210 million to build a new, state-of-the-art sawmill complex in southern Alabama. The new sawmill will be using leading technology and will have an annual capacity, based on a two-shift basis, of 250 million board feet.
Resolute Announces Ratification of 4-Year Labor Agreement With Unifor at 8 Quebec Sawmills
Resolute Forest Products Inc. announced on Monday the ratification of a four-year labor agreement with Unifor, the union which covers over 1,000 employees that work in eight of the company’s Quebec sawmills. The agreements were ratified on July 22.
BEA Reports Real GDP in Q2 2022 Decreased at an Annual Rate of 0.9% In Its “Advance Estimate”
The Bureau of Economic Analysis released today its “advance” estimate for real gross domestic product (GDP) in Q2 of 2022. According to the report, GDP decreased at an annual rate of 0.9% in Q2. This follows a GDP decline of 1.6% in Q1.
Mortgage Payments Declined Modestly Month-Over-Month in June
The Mortgage Bankers Association reported on Thursday that, according to its Purchase Applications Payment Index, homebuyer affordability was mostly unchanged in June. The national median payment applied for by applicants was down slightly to $1,893 from $1,897 in May.
Mortgage Rates Trend Lower in the Week Ending July 28, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending July 28. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.30% with an average 0.8 point, down from last week when it averaged 5.54%.
Weekly Jobless Claims Inch Lower in the Week Ending July 23, 2022
The US Department of Labor is reporting that an additional 256,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on July 23. This is a decrease of 5,000 from the previous week’s revised level.
Pending Homes Sales Drop in June
The National Association of Realtors® reported on Wednesday their Pending Homes Sales Index (PHSI) declined 8.6% in June to a reading of 91.0. The PHSI has now declined in six out of the past seven months. Year-over-year contract signings have declined 20.0%.