Metsä Group, the Helsinki, Finland-based forest industry group, has announced that it has suspended all wood production operations at their Svir sawmill in Russia. The Metsä Svir sawmill produces sawn timber for a range of industries.
Wood Markets News
U.S. Nonfarm Payroll Increases by 678,000 in February; Unemployment Edges Lower to 3.8%
The U.S. Bureau of Labor Statistics (BLS) reported today (3-4-22) that total nonfarm payroll employment increased by 678,000 in February, following increases of 467,000 in January and 199,000 in December. Even with February’s gains, nonfarm payroll employment is still down by -1.4 million, or -1.4%, from its pre-pandemic level in February 2020.
Teamsters Canada Rail Conference Union Members Approve Possible Strike Against CP Railway
Trains.com is reporting that during voting that concluded on Monday (2-28-22), members of the Teamsters Canada Rail Conference (TCRC) union, which represents approximately 3,000 engineers, conductors, crew members and rail yard workers, have approved a possible strike against the Canadian Pacific Railway. Among ballots returned, 96.7% approved the strike.
Stora Enso Oyj Halts All Exports and Imports From Russia
On Tuesday (3-2-22), Stora Enso Oyj, the Helsinki Finland-based integrated paper, packaging, and forest products company, which operates three corrugated packaging plants and two wood products sawmills in Russia, said it will stop all exports and imports to and from Russia. The company also announced that a mitigation plan has been activated to secure availability of input materials from other sources.
Oregon State Senate Votes to Approve Private Forest Accord Compromise Legislation
By a vote of 22-5, the Oregon State Senate voted on Tuesday (3-2-22) in favor of Senate Bill 1501, the Private Forest Accord compromise. The 44-page bill expands no-harvest buffers around streams, implements stricter requirements for roadbuilding, prioritizes non-lethal control of beavers, and creates a new modeling system to avoid and mitigate the effects of landslides.
Mortgage Rates Decline for Second Week in a Row in the Week Ending March 3, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 3, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.76% with an average 0.8 point, down from last week when it averaged 3.89%. The 15-year fixed-rate mortgage averaged 3.01% with an average 0.8 point, down from last week when it averaged 3.14%.
U.S. Job Cuts Declined While Hiring Increased in February 2022
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 15,245 cuts in February 2022. This is a 20% drop from January’s total announced cuts of 19,064. In February, U.S. based employers announced plans to hire 215,127 workers, the highest February total on record.
Weekly Jobless Claims Decline in the Week Ending February 26, 2022
The U.S. Department of Labor is reporting that an additional 215,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, February 26, 2022. This is a decrease of 18,000 from the previous week’s revised level. The 4-week moving average was 230,500.
Citing Transportation Challenges, West Fraser Moves to Three-Day Week at B.C. Sawmills
In an email sent to Black Press Media, the owner of British Columbia’s Nelson Star newspaper, West Fraser Corporation confirmed that it is temporarily rolling back its operating schedules at their lumber mills across British Columbia, from 5-days a week to 3-days a week, due to ongoing transportation challenges.
Brazilian Exports of Wood-Based Products Increased 52.0% Year-Over-Year in January 2022
According to the International Tropical Timber Organization (ITTO), in January 2022, the value of Brazilian exports of wood-based products (except pulp and paper) increased 52% in value compared to January 2021, from US$254.4 million to US$387.1 million. Pine sawnwood exports grew significantly.