The U.S. Bureau of Labor Statistics (BLS) is reporting today (9-3-21) that total nonfarm payroll employment increased by 235,000 in August, following a revised 1.1 million in July, and a revised 962,000 increase in June. Nonfarm payroll employment has increased by 17.0 million since April 2020 but is down by -5.3 million, or -3.5%, from its pre-pandemic level in February 2020.
Wood Markets News
Total Private Residential Construction Spending Up 27% Year-Over-Year in July 2021
A closer look at the U.S. Census Bureau’s July Construction Spending data, with further analysis provided by the National Association of Home Builders (NAHB), reveals that total private residential construction spending rose 0.5% in July to a SAAR of $773.0 billion. Year-over-year total private residential construction spending was 27% higher.
Hancock Natural Resources Group Closes Transaction on 300,000+ Acres of Pine Timberland in Texas
Hancock Natural Resource Group (HNRG), a Manulife Investment Management Company, a global wealth and asset management segment of Manulife Financial Corporation, announced today (9-2-21) the closing of a transaction on behalf of its client, AP3, with TexMark Timber Treasury L.P. (Triple T), a joint venture managed by CatchMark Timber Trust, Inc.
Stora Enos Joins Build-in-Wood Consortium
The Build-in-Wood project Consortium, which consists of 21 partners from 11 different countries, covering the entire wood value chain from factory to final construction, announced on Tuesday (8-31-21) that Stora Enso, a leading provider of sustainable wood-based solutions for the construction industry, was joining the Build-in-Wood Consortium.
Canadian Total Value of Building Permits Drop -3.9% in July
Statistics Canada (StatsCan) is reporting that the total value of building permits in Canada decreased 3.9% to $9.9 billion (CAD) in July. All provinces except British Columbia and Newfoundland and Labrador posted lower values, with the majority of the national decline reported in Alberta (-23.4%). Building permits fell -3.1% in the residential sector and -5.6% in the non-residential sector.
Members of the European Parliament View New Green Forest Strategy as Vague and an Overstep of EU Remits
During the European Parliament’s agriculture meeting held on Wednesday (9-1-21), EU Agriculture Commissioner Janusz Wojciechowski presented one of the main initiatives of the Commission’s Green Deal. However, EU lawmakers from across all of the political spectrums have united in their criticism against the EU’s new flagship Forestry Strategy.
U.S. Regulator’s Rejection of Canadian National Railway’s Bid to Purchase Kansas City Southern Railroad Opens Door, Again, for Possible Canadian Pacific Railway Take Over
With U.S. regulators rejecting a key part of the Canadian National Railway Co’s (CN) bid, the Canadian Pacific Railway Ltd. (CP) has approached the Kansas City Southern Railroad (KCS) board asking them to reaffirm the CP’s interest in taking over the railway. CP Rail has maintained that its $31-billion offer, while worth less than CN’s $33.6-billion proposal, has less regulatory risk.
30-Year Mortgage Rates Unchanged in the Week Ending September 2, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 2, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.87% with an average 0.6 point — unchanged from last week. A year ago at this time, the 30-year FRM averaged 2.93%.
Weekly Jobless Claims Decline in the Week Ending August 28, 2021
The U.S. Department of Labor is reporting that an additional 340,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, August 28, 2021. This is a decrease of 14,000 from the previous week’s revised level and the lowest level for initial claims since March 14, 2020, when it was 256,000.
Challenger Reports August Job Cuts -86% Lower Year-Over-Year and the Lowest Level Since June of 1997
According to the latest Job Cut Report from Challenger, Gray & Christmas (CG&C) Inc., a global outplacement and business and executive coaching firm, U.S. based employers announced 15,723 job cuts in August, down -17% from the 18,942 cuts announced in July. August 2021’s total is the lowest since in June 1997, when 15,091 job cuts were announced.