Housing starts blew away the numbers this morning as Americans continue to flee crime-infested, violent, failing U.S. cities for the suburbs.
Walmart and Home Depot beat estimates with Walmart declaring its e-commerce business grew 97% during the quarter. However, the stock lost its gains after management warned of the coming ‘stimulus cliff’ when Americans run out of unemployment and stimulus funds.
“Stimulus was definitely impactful to the consumer in the second quarter, and we’re watching what’s going on in Washington, and how we’re going to progress with a new stimulus package…I think certainly it would be helpful for consumers,” said Walmart Chief Financial Officer Brett Biggs.
Financial markets are rising as the S&P finally hit an intra-day ‘all time high’, closing on 3,400.
Building Permits (MoM) (Jul) printed at 1.495M vs 1.32M consensus estimate.
Housing Starts (MoM) (Jul) printed at 1.496M vs 1.24M estimate.
Building Permits Change (Jul) printed at 18.8%.
Housing Starts Change (Jul) printed at 22.6%.