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Lumber prices have slumped sharply, raising concerns on Wall Street about the health of the housing market and broader economy. Futures have tumbled 24% since early August, when they touched a three-year high, settling at $526.50 per thousand board feet on Monday. The decline was partially cushioned after two of North America’s largest sawmills said they would scale back production.
Wood prices are seen as a leading indicator of housing demand and economic momentum, making the current downturn a troubling signal for Main Street.
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Info via a (gated) Wall Street Journal report
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