The U.S. Bureau of Economic Analysis (BEA) reported on Friday (6-25-21) that according to their estimates, Personal Income decreased -$414.3 billion or -2.0% in May 2021. Disposable personal income (DPI) decreased -$436.3 billion or -2.3% and personal consumption expenditures (PCE) increased $2.9 billion, or less than 0.1%.
Wood Markets News
Index of Consumer Sentiment up 3.1% Month-Over-Month in June and 9.5% Year-Over-Year
The University of Michigan today (6-25-21) released its “Final” Index of Consumer Sentiment (ICS) for June. Month-over-month the ICS rose 3.1% from 82.9 in May to 85.5 in June. When compared to June 2020, the ICS increased 9.5% or 78.1 to 85.5.
The San Group Contemplating Building a Sawmill in the Terrace, B.C. Area
According to an article in the “Terrace Standard” newspaper, just weeks after announcing it was spending $100 million in Port Alberni, the San Group, based in Port Alberni, B.C., is now expressing its interest in building a sawmill in the Terrace, B.C. area. According to the article, the sawmill would process wood the company already acquires in the area and typically ships out for processing.
Real GDP for Q1 2021 Reported at 6.4% in “Third” Estimate
The Bureau of Economic Analysis (BEA) released today (6-24-21) its “third” estimate of real gross domestic product (GDP) for Q1 if 2020, reporting it was at an annual rate of 6.4%. This is the same level as in the previously reported “advance” and “second” estimates.
State-Level Analysis of Construction Employment for May 2021
A deeper look into the Bureau of Labor Statistics (BLS) nationwide total of nonfarm payroll employment for May, with analysis provided by the National Association of Home Builders (NAHB), reveals that nonfarm payroll employment increased in 33 states and the District of Columbia in May, when compared to April, while 16 states lost jobs.
Mortgage Rates Move Above 3% in the Week Ending June 24, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 24, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.02% with an average 0.7 point, up from last week when it averaged 2.93%. A year ago, at this time, the 30-year FRM averaged 3.13%.
Weekly Jobless Claims Move Modestly Higher in the Week Ending June 19, 2021
The U.S. Department of Labor is reporting that an additional 411,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday June 19, 2021 — a decrease of 7,000 from the previous week’s revised level. The 4-week moving average was 397,750 — an increase of 1,500 from the previous week’s revised average.
New Residential Single-Family Homes Sales Decline Month-Over-Month in May
The U.S. Census Bureau reported that new residential single-family home sales for May 2021 were at a SAAR of 769,000, according to estimates. This is -5.9% below the revised April rate of 817,000 but is 9.2% above the May 2020 estimate of 704,000.
J.P. Morgan Asset Management Acquires Campbell Global LLC
J.P. Morgan Asset Management announced on Monday (6-21-21) that they have acquired forest management and timberland investing company, Campbell Global, LLC. The terms of the transaction with Campbell Global’s parent company, BrightSphere Investment Group, were not disclosed.
Mortgage Applications Increase 2.1% in the Week Ending June 18, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending June 18, 2021, the Market Composite Index — a measure of mortgage loan application volume — increased by 2.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1% compared with the previous week.