U.S. equity markets opened slightly higher this morning as hopes for another Congressional deal on a Chinese coronavirus stimulus package linger. Speak Pelosi has called the House back to Washington to deal with the Democrat’s new fake news — the alleged Trump postal service scandal.
NY area manufacturing showed a big slowdown in this morning’s economic indicator release, heralding the fact the ‘inventory rebuild’ after the COVID lockdown has subsided.
Home builders however showed much confidence as wealthy city-dwellers flocked to the suburbs and bought homes, desperate to get away from Dem-controlled areas, fraught with violence, riots, decay and criminality. The reading for the home builders index was the highest in recorded history.
“Housing has clearly been a bright spot during the pandemic and the sharp rebound in builder confidence over the summer has led NAHB to upgrade its forecast for single-family starts, which are now projected to show only a slight decline for 2020,” Robert Dietz, NAHB chief economist, said in a statement.
“Single-family construction is benefiting from low interest rates and a noticeable suburban shift in housing demand to suburbs, exurbs and rural markets as renters and buyers seek out more affordable, lower density markets.”
Market pundits now have all eyes glued to the Congressional theater, trying to read the stimulus tea leaves.
NY Empire State Manufacturing Index (Aug) printed at 3.7 vs 15 consensus estimate.
NAHB Housing market Index (Aug) printed at 78 vs 73 estimate.
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