Payroll employment declined by 21,100 (0.1%) in October, following minimal changes in September and August. However, year-over-year, payroll employment increased by 125,800 (0.7%).
Wood Markets News
Dunkley Lumber Completes Modernization of Edgewood Forest Products Sawmill in Saskatchewan
Dunkley Lumber has completed a three-year, C$240-million modernization of its sawmill in Saskatchewan, according to a feature by Forestnet.
US Existing-Home Sales Increase 4.8% in November
Total existing-home sales increased 4.8% in November, reaching a seasonally adjusted annual rate of 4.15 million, NAR reported.
US Real GDP Increases at an Annual Rate of 3.1% in Q3, BEA Reports in Its “Third” Estimate
Real GDP increased at an annual rate of 3.1% in Q3, an upward revision from 2.8% growth reported in the “second” estimate issued last month.
US Mortgage Rates Resume Upward Trek in the Week Ending December 19th
The 30-year fixed-rate mortgage averaged 6.72%, up from last week when it averaged 6.60%, Freddie Mac reported.
The Conference Board US Leading Economic Index Moves Higher in November
The Conference Board Leading Economic Index® (LEI) increased 0.3% to a reading of 99.7 (2016=100) in November, nearly reversing its 0.4% decline in October.
US Weekly Initial Jobless Claims Decline in the Week Ending December 14th
The advance figure for seasonally adjusted initial unemployment claims was 220,000, a decrease of 22,000 from the previous week’s unrevised level.
US Housing Starts, Permits, and Completions Show Mixed Results in November
Housing starts in November were at a seasonally adjusted annual rate of 1,289,000. This is 1.8% below October and 14.6% below November 2023.
Federal Reserve Lowers Interest Rates for Third Consecutive Time
The Fed moved forward with an anticipated 25-basis-points rate cut, bringing the target rate for the federal funds rate to 4.25–4.50%
Revenue from Canadian Logging Declines 4.9% in 2023
Total revenue in the logging industry declined 4.9% from 2022 to $11.7 billion (CAD) in 2023.