Redfin, the Seattle-based, technology-powered real estate brokerage, is reporting that the number of homes for sale hit an all-time low in the week ending November 28, 2021. According to Redfin, during that same period, sustained demand pushed the median home price to another record high.
Wood Markets News
Canadian Employment Increased and Unemployment Declined in November
Statistics Canada (StatsCan) reported today (12-3-21) that employment in Canada increased by 154,000 (+0.8%) in November and was 186,000 (+1.0%) higher than its pre-COVID level in February 2020. Employment increased in both the services-producing and goods-producing sectors in November.
U.S. Nonfarm Payroll Increases by 210,000 in November, Unemployment Declines to 4.2%
The U.S. Bureau of Labor Statistics (BLS) reported today (12-3-21) that total nonfarm payroll employment increased by 210,000 in November. This growth follows increases of 531,000 in October, 194,000 in September, 235,000 in August, 1.1 million in July, and 962,000 in June. Nonfarm payroll employment has increased by 18.5 million since April 2020 but is down by -3.9 million.
Paper Excellence’s Powell River, B.C. Catalyst Mill to Shutdown Indefinitely
In a news release issued today (12-2-21), Paper Excellence said that the status of its Catalyst mill located in Powell River, B.C. was being changed from a temporary curtailment (announced two weeks ago) to an indefinite shutdown, as of today. Paper Excellence also stated that they intended to look for alternative uses for the facility and its adjacent land.
Indigenous Leaders and Experts in B.C. Present their Concerns Regarding Old-Growth Deferred Logging
While emphasizing the importance of preserving at-risk ecosystems, indigenous leaders and experts in British Columbia presented their concerns on Wednesday (12-1-21) over the B.C. provincial government’s process to defer logging in old-growth forests. On November 2, 2021, the province announced that an independent panel of scientific experts had mapped out 26,000 square kilometers of old-growth forests at risk of permanent biodiversity loss.
Södra Wood Announces Temporary Production Adjustment in December
Södra Wood will be making a temporary adjustment of production to achieve a balance between production and customer needs. In December, sawn timber production will be reduced by 60,000 m³. In a statement prepared to accompany the production adjustment, Peter Jhaveri, President of the Södra Wood said, “Production will be adjusted to achieve a balance between production and customer needs.”
Bureau of Labor Statistics Reports Construction Employment Increased in October
Across the 48 states that reported construction sector job information (both residential as well as non-residential construction), 33 states reported an increase in October compared to September. Conversely, 13 states lost construction sector jobs.
30-Year Mortgage Rate Up Slightly, 15-Year Rate Down Slightly in the Week Ending December 2, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending December 2, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.11% with an average 0.6 point, up slightly from last week when it averaged 3.10%. A year ago, at this time, the 30-year FRM averaged 2.71%.
Challenger Reports U.S. Job Cuts Declined in November to their Lowest Monthly Total Since May 1993
According to the latest released Job Cut Report from Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, U.S. based employers announced job cuts fell by -34.8% in November to 14,875 from 22,822 in October. This is the lowest monthly total since May 1993, when 14,086 were reported. November’s total is -77% lower year-over-year (Nov. 2021 vs. Nov. 2020), when 64,797 cuts were announced.
Weekly Jobless Claims Increase in the Week Ending November 27, 2021
The U.S. Department of Labor is reporting that an additional 222,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, November 27, 2021. This is an increase of 28,000 from the previous week’s revised level. The 4-week moving average was 238,750 — a decrease of 12,250 from the previous week’s revised average.