For the second consecutive year, real GDP grew in every province in Canada, except Newfoundland and Labrador, albeit at a slower pace than 2022 for most areas.
Wood Markets News
Canada’s Two Largest Railways Face Work Stoppage in Three Weeks
Employees at Canada’s two largest railway systems have authorized a strike if they are unable to reach a new deal, The Canadian Press reported.
Canadian Residential and Nonresidential Building Construction Costs Increased in Q1
Residential building construction costs increased 0.8% in Q1, following a 1.1% increase in 2024Q4.
Fixed-Rate Mortgages Continue to Trend Higher in the Week Ending May 2nd
The 30-year fixed-rate mortgage averaged 7.22%, up from last week when it averaged 7.17%, Freddie Mac reported.
Brazilian Exports of Wood-Based Products Decline Year-Over-Year in March
The value of Brazilian exports of wood-based products (except pulp and paper) fell 16.0% year-over-year in March, according to the International Tropical Timber Organization.
Number of Open US Construction Sector Jobs Unexpectedly Declines in March
Construction sector employment is cooling in step with other sectors of the US job market, the BLS and NAHB reported.
US Weekly Jobless Claims Unchanged in the Week Ending April 27th
The advance figure for seasonally adjusted initial unemployment claims was 208,000 during the week ending April 27th, unchanged from the previous week’s revised level.
US Private Sector Job Cuts Slowed in April
US-based employers announced 64,789 job cuts in April, a 28% decline from the 90,309 job cuts reported in March, Challenger, Gray & Christmas reported.
Canfor Announces Purchase of El Dorado, Arkansas, Sawmill
Canfor Corporation announced that it has entered into a purchase agreement with Resolute El Dorado Inc., an affiliate of Domtar Corporation, to acquire its El Dorado lumber manufacturing facility located in Union County, Arkansas.
ADP® Reports Private Sector Employment and Compensation Gains in March
According to the ADP® National Employment Report™, released on Wednesday (5-3-24), private sector employment increased by 192,000 jobs in April and annual pay was up 5.0%, year-over-year.