A closer look at the U.S. Bureau of Labor Statistics (BLS) total nonfarm payroll employment report, which was released on Friday (12/4), with a specific focus on construction reveals that employment in the overall construction sector increased by 27,000 in November, after a revised increase of 72,000 jobs in October.
Wood Markets News
Canadian Employment Increases in November as Unemployment Declines
Statistics Canada is reporting today (12/4) that employment in Canada increased by 62,000 (+0.3%) in November, following an increase of 84,000 (+0.5%) in October. From May to September employment in Canada grew by an average of 2.7% per month.
More than a Third of All New-Construction Homes Purchased in October Had Yet to Begin Construction
In a recent Zillow Research article, it was being reported that 38.5% of new-construction homes purchased in October 2020 had yet to begin construction. That is 10% higher than October 2019 and the highest level since 2005.
Federal Housing Finance Agency Extends Moratorium on Foreclosures to January 31st, 2021
The Federal Housing Finance Agency (FHFA) has announced that it has extended its moratorium on single-family home foreclosures and real estate-owned evictions until January 31st, 2021 at the earliest.
Nonfarm Payrolls Increases in November as Unemployment Rates Decline
The U.S. Bureau of Labor Statistics (BLS) reported on Friday (12/4) that total nonfarm payroll employment rose in November by 245,000. In November, the unemployment rate edged lower to 6.7%.
State of Victoria Australia Forestry Workers Rally to Fight Proposed Ban on Native Logging
Stalled by the COVID-19 pandemic, union forestry workers in the southeastern state of Victoria (Vic) Australia are once again back rallying to fight the proposed ban on native logging allocations scheduled to begin in 2024, with no native logging permitted by 2030.
The Share of Mortgage Loans in Forbearance Up Again in the Week Ending 22nd November 2020
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports the total number of loans now in forbearance increased from 5.48% of servicers’ portfolio volume in the prior week to 5.54% as of November 22, 2020.
Weekly Jobless Claims Decline in the Week Ending 28th November 2020
The U.S. Department of Labor is reporting that an additional 712,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, November 28th. A decrease of 75,000 from the previous week’s revised level.
Job Cuts Decline for Second Straight Month in November but Remain 45.4% Above a Year Ago
According to the latest released report by Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, U.S. based employers announced 64,797 job cuts in November.
Mortgage Rates Set Another New Record Lows in the Week Ending 3rd December 2020
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 3rd December 2020.