According to quarterly statistics provided by the APA, The Engineered Wood Association, North American softwood plywood mills experienced even stronger growth in their output than OSB manufactures in the period between April and June of 2021, when compared with both Q1 and Q2 of 2020.
Wood Markets News
Canadian Employment Increases for Second Consecutive Month in July; Unemployment Modestly Declines
Statistics Canada (StatsCan) today (8-6-21) released the July Labor Force Survey (LFS), which reflects labor market conditions during the week of July 11 to July 17, 2021. According to the LFS, employment in Canada rose by 94,000 (+0.5%) in July, adding to an increase of 231,000 (1.2%) in June.
Nonfarm Payroll Employment Up; Unemployment Drops to 5.4% July 2021
The U.S. Bureau of Labor Statistics (BLS) reported today (8-6-21) that total nonfarm payroll employment increased by 943,000 in July, following a 938,000 increase in June, 559,000 increase in May, disappointing increase of 278,999 in April, and surge of 785,000 in March.
Deficit of Fire Suppression Personnel Hindering Canadian and U.S. Efforts to Contain Spreading Wildfires
Despite their differences on the forest products industry, Canada and United States have a long and steeped history and tradition of helping each other out when it comes to wildfire and firefighting reinforcements. That will not be case this year, as both countries contended with one of the earliest and most severe wildfire seasons in recent times.
Swiss Krono Group Invests $273.5 Million Towards the Construction of Russia’s Largest OSB Plant
The Russian News Agency, TASS, on Wednesday (8-4-21), reported that the Swiss Krono Group is making an investment of approximately 20 billion rubles ($273.5 million) towards the construction of Russia’s largest oriented strand board (OSB) plant in Sharya, located in the Kostroma Region.
Mortgage Rates Move Lower in the Week Ending August 5, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 5, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.77% with an average 0.6 points, down from last week when it averaged 2.80%. A year ago, at this time, the 30-year FRM averaged 2.88%.
Challenger Reports July Job Cuts Down -93% Year-Over-Year in July 2021
According to the latest Job Cut Report released from Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, U.S. based companies announced 18,942 job cuts in July, down -93% from the 262,649 cuts announced in July 2020. Last month’s total is the lowest since in June 2000, when 17,241 job cuts were announced.
Mortgage Delinquencies Backed by Commercial and Multifamily Properties Dropped in July
According to the latest Mortgage Bankers Association’s (MBA) monthly CREF Loan Performance Survey, delinquency rates for mortgages backed by commercial and multifamily properties declined in July. The survey was created to help better understand the ways the COVID-19 pandemic is impacting commercial mortgage loan performance.
Weekly Jobless Claims Continued to Decline in the Week Ending July 31, 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, July 31, 2021, a decrease of 14,000 from the previous week’s revised level. The 4-week moving average was 394,000, a decrease of 250 from the previous week’s revised average.
Total Value of Building Permits in Canada Rose 6.9% in June
Statistics Canada (StatsCan) reported today (8-4-21) that the total value of building permits rose 6.9% to $10.3 billion in June. Seven provinces contributed to the gain, led by Ontario, which jumped 22.7%.