Real GDP increased 0.5% quarterly in Q2 after rising 0.4% in Q1.
Wood Markets News
US Pending Home Sales Decline 5.5% in July
The NAR Pending Homes Sales Index declined 5.5% to a reading of 70.2 in July, the lowest reading since tracking began in 2001.
US Real GDP Increases at an Annual Rate of 3.0% in Q2, BEA Reports in Its “Second” Estimate
BEA now estimates real GDP increased at an annual rate of 3.0% in Q2, an increase from 2.8% growth reported in the “advance” estimate.
US Apartment Completions Continue to Increase in Q1
The percentage of new apartment units that were absorbed within three months of completion rose from a decade low of 42% in 2023Q4 to 53% in Q1, the Census Bureau and NAHB reported.
US Fixed-Rate Mortgages Continue to Decline in the Week Ending August 29th
The 30-year fixed-rate mortgage averaged 6.35%, down from last week when it averaged 6.46%, Freddie Mac reported.
US Weekly Initial Jobless Claims Decline in the Week Ending August 24th
The advance figure for seasonally adjusted initial unemployment claims was 231,000, a decrease of 2,000 from the previous week’s revised level.
Canadian Payroll Employment and Job Vacancies Report for June
The number of employees receiving pay and benefits from their employer—measured as “payroll employment”—decreased by 47,300, or 0.3%, in June.
Roseburg Forest Products MDF Mill in Medford, OR, Sustains Fire Damage
The Medford Oregon Fire Department responded to a fire at the Roseburg Forest Products MDF mill in Medford, Oregon, The Wild Coast Compass reported.
US Single-Family Permit-To-Completion Time Has Increased by 3 Months Since 2015
The average completion time of a single-family house in 2023 was approximately 10.1 months, the Census Bureau and NAHB reported.
Mortgage Applications Inch Higher in the Week Ending August 23rd
Mortgage loan application volume increased 0.5% on a seasonally adjusted basis from one week earlier, MBA reported.