According to the latest released (6-3-21), Job-Cut Report from Challenger, Gray & Christmas (CG&C), Inc — a global outplacement and business and executive coaching firm — U.S. based companies announced planned job cuts announced by U.S.-based employers rose 7% in May to 24,586 from the 22,913 announced in April. Last month’s total is down 93.8% from May 2020, when employers announced 397,016 cuts.
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ADP Reports Private Sector Employment Increased Month-Over-Month by 978,000 Jobs in May
According to the April ADP® National Employment Report™, nonfarm private sector employment private sector employment increased by 978,00 jobs from April to May. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics.
U.S. Weekly Jobless Claims Declined Further in the Week Ending May 29, 2021
The U.S. Department of Labor is reporting that an additional 385,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, May 29, 2021 — a decrease of 20,000 from the previous week’s unrevised level. This is the lowest level for this average of initial claims since March 14, 2020, when it was 256,000.
Katerra to Shut Down All Operations and Walk Away from Dozens of Construction Projects
According to people familiar with the matter, Katerra, the six-year-old startup construction company, told its employees in a video call on Tuesday (6-1-21) that it plans to shut down. The executive on the video said the effects of COVID-19, as well as rising costs of labor and construction materials contributed to the company’s latest cash crunch.
British Columbia Unveils New Timber Strategy that Will Boost Indigenous Engagement in Forestry
The British Columbia provincial government is promising to boost Indigenous engagement in forestry as it sets out on the largest series of policy updates for the sector since the early 2000’s. According to the strategy plan unveiled on Tuesday (6-1-21). there would be a near doubling in the amount of replaceable forest tenure held by Indigenous nations from the current levels of 10%.
With Lumber Prices at Near Record Levels, Alberta Looks to Expand Forest Products Harvest
According to a leader of the Bigstone Cree Nation, just as lumber prices hit record highs, a drive to increase Alberta’s forest harvest is allowing members of a northern First Nation to become resource owners, as well as timber-gathering contractors.
British Columbia Announces Plans to Modernize Regulations on the Forest Industry
The British Columbia provincial government on Tuesday (6-1-21) released a paper that lays out far-ranging “policy intentions”, including diversifying the ownership of forest tenures, or harvesting rights, and establishing a framework of compensation in the event those rights are redistributed. The series of B.C. goals and an initial yearlong timeline will work towards modernizing the province’s regulation of the forest sector.
Shares of Mortgages in Forbearance Decline for Thirteenth Week in a Row in Week Ending May 23, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 1 basis point from 4.19% of servicers’ portfolio volume in the prior week to 4.18% as of May 23, 2021. According to MBA’s estimate, 2.1 million homeowners are in forbearance plans.
Private Residential Construction Increases in April
Further analysis of the U.S. Census Bureau’s Construction Spending data for April, provided by the National Association of Home Builders, reports that total private residential construction spending rose 1.0% in April to a seasonally adjusted annual rate of $729.2 billion. Total private residential construction spending was 29.7% higher than a year ago.
Mortgage Applications Decline for Second Consecutive Week During Week Ending May 28, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey for the week ending May 28, 2021, the Market Composite Index (a measure of mortgage loan application volume) decreased -4.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -5% compared with the previous week.