Strong economic numbers reported this morning as the July Purchasing Manager's Index came in hot, and existing home sales are booming. PMI showed service and manufacturing performance was strong. Americans continue to flee Democrat crime-ridden, corrupt, failing cities. This will have election consequences. The migration is just too large and purposeful.
August data pointed to a further improvement in business conditions across the private sector as client demand picked up among both manufacturers and service providers. Notably, the renewed increase in sales among service sector firms was welcome news following five months of declines, reported Bloomberg.
CDMedia interview multiple residents anecdotally in souther Connecticut near New York City and we are told the housing market there is booming as former long-term city-dwellers can't wait to get out of Warren Wilhelm's (a.k.a. Bill de Blasio) urban nirvana.
“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” said Lawrence Yun, NAR’s chief economist, reported Bloomberg.
“The number of new listings is increasing, but they are quickly taken out of the market from heavy buyer competition,” he said. “More homes need to be built.”
Markit Manufacturing PMI (Aug) PREL printed at 53.6 vs 51.9 consensus estimate.
Markit Services PMI (Aug) PREL printed at 54.7.
Existing Home Sales (MoM) (Jul) printed at 5.86M vs 5.38M estimate.
Existing Home Sales Change (MoM) (Jul) printed at 24.7% vs 14.7% estimate.
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