Statistics Canada reported today (10-8-21) that employment increased for the fourth consecutive month in September, rising by 157,000 (+0.8%). Employment gains in September were concentrated in full-time work and among people in the core working age group of 25 to 54.
Wood Markets News
Total Nonfarm Payroll Increases by 194,000 in September; Unemployment Drops to 4.8%
The U.S. Bureau of Labor Statistics (BLS) reported today (10-8-21) that total nonfarm payroll employment increased by 194,000 in September. This follows an increase of 235,000 in August, a revised 1.1 million in July, and a revised 962,000 increase in June. Nonfarm payroll employment has increased by 17.4 million since April 2020 but is down by -5.0 million, or -3.3%, from its pre-pandemic level in February 2020.
Sierra Pacific Industries Completes Acquisition of Seneca
Sierra Pacific Industries (SPI), the Anderson California-based forest products company, announced last week that it has completed its acquisition of Seneca, a Eugene Oregon-based company that, prior to the acquisition, had about 400 employees and owned about 167,000 acres of timberlands.
BID Group Selected to Deliver New Sawmill at Georgia-Pacific’s Pineland, Texas Operation
The BID Group, one of the largest integrated suppliers to the wood processing industry and the North American leader in the field, has received an order from Georgia-Pacific to deliver a new sawmill at its Pineland, Texas operation. The new sawmill will replace the existing stud sawmill.
Softwood Logs Shipping Off of Kangaroo Island to Support South Australia’s Booming Housing Industry
Help to support Australia’s booming housing construction industry will soon be on its way. Up to 60,000 tons of softwood logs, some of them bushfire-affected, will soon be shipping off of Kangaroo Island.
SDS Lumber and Timber Co. Reveals the Names of the Company’s Buyers
SDS Lumber and Timber Co. has been a forest products industry fixture since the 1940’s. The Bingen, Washington-based company manages nearly 100,000 acres of Pacific Northwest forest reserves on top of it mill operations. Late last week, a consortium of three separate entities were announced as the new owners.
Mortgage Rates Fall Back Below 3% During the Week Ending October 7, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 7, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.99% with an average 0.7 point, down slightly from last week when it averaged 3.01%. A year ago, at this time, the 30-year FRM averaged 2.87%.
Weekly Jobless Claims Decline in the Week Ending October 2, 2021
The U.S. Department of Labor is reporting that an additional 326,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, October 2, 2021. This is a decrease of 38,000 from the previous week’s unrevised level. The 4-week moving average was 344,000, an increase of 3,500 from the previous week’s unrevised average.
U.S. Job Cuts Increased 14% in September, Challenger Reports
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 rose by 14% in September to 17,985, up from the 24-year low of 15,723 cuts announced in August. September 2021 total is 85% lower than September 2020, when 118,804 cuts were announced.
CalPlant Enters into Plan Support Agreement, Files for Chapter 11 Bankruptcy while Pursuing Sale of the Company
CalPlant I, LLC (“CalPlant” or the “Company”), a Northern California-based company focused on manufacturing sustainably sourced building products, today (10-5-21) announced it has entered into a Plan Support Agreement (the “PSA”) with its senior bondholders, while pursuing a sale of the Company. To facilitate the sale process and implement the PSA, the Company has voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware.