The U.S. Department of Labor is reporting that an additional 719,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday March 27, 2021. An increase of 61,000 from the previous week’s revised level. The 4-week moving average was 719,000, a decrease of 10,500 from the previous week’s revised average.
Wood Markets News
30-Year Mortgage Rate Slightly Higher in the Week Ending April 1, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 1, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.18% with an average 0.7 point, up from last week when it averaged 3.17%.
Announced Job Cuts 86% Lower Year-Over-Year in March 2021
According to the latest report by Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, planned job cuts announced by U.S. based employers fell 86% in March to 30,603 from the 222,288 job cuts announced in March 2020, when the fallout from the COVID-19 lockdowns began to impact businesses across the country.
Pending Home Sales Index Decline for Second Month in a Row in February
The National Association of Realtors® (NAR) has reported that their Pending Homes Sales Index (PHSI) — which is based on signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ops — declined for the second month in a row, failing -10.6% in February to a reading of 110.3.
Canadian Real GDP Increases 0.7% in January
Statistics Canada (StatsCan) is reporting that real gross domestic product (GDP) in Canada rose 0.7% in January, following 0.1% growth in December. This marks the ninth consecutive monthly increase, continuing to offset the steepest drops on record in Canadian economic activity observed in March and April 2020.
Japan’s Housing Starts Decline Further in February
According to data released by the Ministry of Land, Infrastructure, Transportation and Tourism on Wednesday, March 31, 2021, Japan’s housing starts continued their decline in February. Year-over-year housing starts in Japan decreased -3.7% in February.
Mortgage Applications Decrease for Fourth Week in a Row in the Week Ending March 26, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey for the week ending March 26, 2021, the Market Composite Index — a measure of mortgage loan application volume — decreased -2.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -2% compared with the previous week.
ADP Reports Private Sector Employment Increased by 517,000 Jobs in March
According to the March ADP® National Employment Report™, nonfarm private sector employment private sector employment increased by 517,000 jobs from February to March. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics.
West Frasier Updates Progress on Dudley Georgia Lumber Mill and Chambord Quebec OSB Mill
West Frasier announced on Monday, March 29, 2021 operational updates on their Dudley, Georgia lumber mill and Chambord, Quebec OSB mill. The Company’s OSB mill in Chambord has completed commissioning and panels are now being produced and shipped to customers.
Segezha Group Opens Russia’s First Cross-Laminated Timber Manufacturing Plant
Segezha Group, which is wholly owned by Sistema, is Russia’s leading wood processing holding company, and it has just started Russia’s first cross-laminated timber (CLT) panels plant in Sokol, Vologda region, 500 km northeast of Moscow.