Statistics Canada (StatsCan) reported today (3-11-22) that employment increased by 337,000 (1.8%) in February, more than offsetting losses that coincided with stricter public health measures in January. The unemployment rate dropped 1.0 percentage points to 5.5% in February 2022.
Wood Markets News
University of Michigan Preliminary Consumer Sentiment Index Declines for March 2022
The University of Michigan today (Friday 3-11-22), released its preliminary Consumer Sentiment Index (CSI) for March. The Index of Consumer Sentiment declined to a reading of 59.7 in March, down from 62.8 in February. This is a month-over-month decrease of -4.9%.
After Two Consecutive Weeks of Decline, Mortgage Rates Climb Higher in the Week Ending March 10, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 10, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.85% with an average 0.8 point, up from last week when it averaged 3.76%.
E.U. Timber Industry Trade Groups Foresee Timber Shortages Due to Russia’s Invasion of Ukraine
A meeting of the main European trade bodies for the timber industry, CEI-Bois and EOS ended with the groups recognizing that Russia’s invasion of Ukraine poses a real threat to peace and security in Europe while direct consequences on the timber business should be expected.
Mortgage Credit Availability Increased in February as Lending Standards Lessened
According to the latest Mortgage Bankers Association (MBA), Mortgage Credit Availability Index (MCAI), which analyzes data from the ICE Mortgage Technology, mortgage credit availability increased in February.
Consumer Price Index Increases 0.8% in February 2022 – Up Year-Over-Year 7.9%
The U.S. Bureau of Labor Statistics (BLS) reported on Thursday (3-10-22), that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8% in February on a seasonally adjusted annual basis.
Weekly Jobless Claims Climb in the Week Ending March 5th, 2022
The U.S. Department of Labor is reporting that an additional 227,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, March 5th, 2022. An increase of 11,000 from the previous week’s revised level.
Imminent Tightening of European Wood Supply Chain Due to Russia’s Invasion of Ukraine
In a statement, the European Federation of Wooden Pallets & Packaging Manufacturers (FEFPEB) expressed “its deep sympathies and support for the people of Ukraine” and noted that, as an organization, it supports sanctions against Russia for its invasion of Ukraine, as well as against Belarus due to its support of Russia.
FSC Announces No FSC-Certified Materials or Controlled Wood from Russia or Belarus Permitted to be Traded
On Tuesday (3-8-22,) the Forest Stewardship Council (FSC) announced that because of the association of the forest sector in Russia and Belarus with armed invasion, no FSC-certified materials or controlled wood from these countries will be permitted to be traded. The announcement says that FSC remains deeply concerned about Russia’s aggressive invasion.
2022 Started With an Increasing Number of Job Openings in the Construction Sector
An in-depth look at the Bureau of Labor Statistics (BLS) January 2022 Job Openings and Labor Turnover Survey (JOLTS), with a focus on construction labor and additional analysis provided by the National Association of Home Builders, reveals that the construction labor market started the year with a rising number of job openings.