Canadian employment was little changed in October, gaining 15,000 new positions, up 0.1%, following an increase of 47,000 in September, up 0.2%.
Wood Markets News
Rayonier Announces Timberland Dispositions Totaling $495 Million
Rayonier announced completed and pending timberland dispositions totaling approximately 200,000 acres for an aggregate purchase price of $495 million.
Federal Reserve Cuts Interest Rates by 0.25%
The Fed cut rates by 0.25%, taking note of a job market that has “generally eased” while inflation continues to move towards the bank’s 2% target.
BC Port Work Stoppage Sees No Talks Scheduled Between Employers and Union
BC port employers say they may be “required to reassess” their position as a lockout shuts down most shipping on the West Coast, The Canadian Press reported.
US Pending Homes Sales Hold Steady, Despite Election Jitters and Mortgage Rates Above 7%
US pending home sales rose 4.3% year-over-year during the four weeks ending November 3rd, Redfin reported.
US Mortgage Rates Trend Higher for the Sixth Consecutive Week
The 30-year fixed-rate mortgage averaged 6.79%, up from last week when it averaged 6.72%, Freddie Mac reported.
US Multifamily Market Survey Reports Mixed Results for Q3
Confidence in the market for new multifamily housing showed mixed results year-over-year in Q3, NAHB reported.
Mortgage Delinquencies Decline Modestly in Q3, But Remain Elevated Year-Over-Year
The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased slightly compared to one year ago, MBA reported.
US Weekly Initial Jobless Claims Trend Higher in the Week Ending November 2nd
The advance figure for seasonally adjusted initial unemployment claims was 221,000, an increase of 3,000 from the previous week’s revised level.
Port of Prince Rupert, BC, Experiencing Disruptions Amid Work Stoppage
The Port of Prince Rupert is experiencing disruptions following the issuing of a 72-hour strike notice by ILWU Local 514 and the subsequent 72-hour lockout notice issued by the BCMEA.