The advance figure for seasonally adjusted initial unemployment claims was 242,000, an increase of 17,000 from the previous week’s revised level.
Wood Markets News
Bank of Canada Lowers Interest Rates by 50 Basis Points
The Bank of Canada has reduced its target for the overnight rate by 50 basis points to 3.25%.
Canfor Acquires Additional Outstanding Shares of VIDA
Canfor has increased its ownership of VIDA to 77% by acquiring an additional 7% of outstanding shares from minority shareholders.
US Consumer Price Index Increases 2.7% Year-Over-Year in November
The CPI increased 0.3% on a seasonally adjusted basis in November. This follows the previous four consecutive months increasing at a 0.2% rate.
US Asking Rents in November Fall to Lowest Level Since March 2022
The median US asking rent fell 0.7% year-over-year to $1,595 in November, the lowest level since March 2022, Redfin reported.
USNR Expands, Acquiring Sweden’s Sågteknik
USNR recently shared that is has acquired Sågteknik i Södermanland, a sawmill technology company in Sweden.
Mortgage Applications Increase in the Week Ending December 6th
Mortgage loan application volume increased 5.4% on a seasonally adjusted basis from one week earlier, MBA reported.
CN and Unifor Reach Tentative Agreement for 3,300 Employees
CN has reached a tentative agreement with the union representing nearly 3,300 employees working in “mechanical, clerical, and intermodal functions,” CTV News reported.
Mortgage Credit Availability Continues to Tighten in November
The MBA Mortgage Credit Availability Index declined 3.3% to a reading of 95.9 in November.
NFIB Small Business Optimism Index Reaches Highest Level Since June 2021
The NFIB Small Business Optimism Index increased 8.0 points to a reading of 101.7 in November, after remaining below the 50-year average reading of 98 for 34 months.