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  • Thu, Oct 15 2020
  • 2:05 PM » ‘No doubt' that crucial U.S. fiscal stimulus is coming, IMF managing director says
    Published Thu, Oct 15 2020 2:05 PM by CNBC
    Kristalina Georgieva, the managing director of the International Monetary Fund, told CNBC Thursday that she has "no doubt" the U.S. will implement a new economic stimulus package that will help reduce the current uncertainties for the global economy.
  • 12:16 PM » Hotels: Occupancy Rate Declined 29.2% Year-over-year
    Published Thu, Oct 15 2020 12:16 PM by Calculated Risk Blog
    From HotelNewsNow.com: STR: US hotel results for week ending 10 October U.S. hotel weekly occupancy hit 50% for just the second time since the low point of the pandemic, according to the latest data from STR through 10 October. 4-10 October 2020 (percentage change from comparable week in 2019): • Occupancy: 50.0% (-29.2%) • Average daily rate (ADR): US$97.67 (-25.9%) • Revenue per available room (RevPAR): US$48.85 (-47.5%) While a handful of the highest occupancy markets were those in areas affected by natural disasters (i.e. California wildfires), Saturday produced the week's highest occupancy (65.2%) and ADR (US$110.84), indicating that the leisure and weekend staycation demand seen during the summer may make appearances into the fall . emphasis added The following graph shows the seasonal pattern for the hotel occupancy rate using the four week average . Click on graph for larger image. The red line is for 2020, dash light blue is 2019, blue is the median, and black is for 2009 (the worst year since the Great Depression for hotels - before 2020). So far there has been little business travel pickup that usually happens in the Fall. Note: Y-axis doesn't start at zero to better show the seasonal change.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:15 PM » 'Hottest real estate market in the world' may be Palm Beach, Florida, brokers say
    Published Thu, Oct 15 2020 12:15 PM by CNBC
    Home sales in Palm Beach tripled in the third quarter as the wealthy fled the cities and higher-tax states of the Northeast, according to a new report.
  • 10:32 AM » Remodeling Industry Confidence Surges in Third Quarter
    Published Thu, Oct 15 2020 10:32 AM by eyeonhousing.org
    The National Association of Home Builders' Remodeling Market Index (RMI) posted a reading of 82 in the third quarter, indicating remodelers' strong confidence in their markets, for projects of all sizes (Table 1). The strong RMI reading is a reflection of more Americans investing in home remodeling projects as they adapt to the impacts of the coronavirus pandemic. The RMI... Read More › The post Remodeling Industry Confidence Surges in Third Quarter first appeared on Eye On Housing .
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 9:32 AM » Philly Fed Manufacturing "Picked Up"; NY Fed Manufacturing "Increased Modestly" in October
    Published Thu, Oct 15 2020 9:32 AM by Calculated Risk Blog
    Note: Be careful with diffusion indexes. This shows a rebound off the bottom - some improvement from May to October - but doesn't show the level of activity. From the Philly Fed: October 2020 Manufacturing Business Outlook Survey Manufacturing activity in the region picked up this month, according to firms responding to the October Manufacturing Business Outlook Survey. The survey's current indicators for general activity, new orders, and shipments all showed notable improvement. Most future indexes increased and continue to reflect optimism among firms about growth over the next six months. The diffusion index for current activity increased 17 points to 32.3 in October , its fifth consecutive positive reading after reaching long-term lows in April and May On balance, the firms reported increases in manufacturing employment for the fourth consecutive month. The current employment index, however, fell 3 points to 12.7 this month?. emphasis added This was above the consensus forecast. From the NY Fed: Empire State Manufacturing Survey Business activity expanded modestly in New York State, according to firms responding to the October 2020 Empire State Manufacturing Survey. The headline general business conditions index fell seven points to 10.5 , pointing to a slower pace of growth than in September. ... The index for number of employees moved up five points to 7.2, indicating that employment levels grew. The average workweek index rose nine points to 16.1, a multi-year high, signaling a significant increase in hours worked. emphasis added This was below the consensus forecast. Here is a graph comparing the regional Fed surveys and the ISM manufacturing index: Click on graph for larger image. The New York and Philly Fed surveys are averaged together (blue, through October), and five Fed surveys are averaged (yellow, through September) including New York, Philly, Richmond, Dallas and Kansas City. The Institute for Supply Management (ISM) PMI (red) is through September...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:01 AM » Home Building: Sales Outpacing Starts by a Historic Margin
    Published Thu, Oct 15 2020 9:01 AM by eyeonhousing.org
    After a sharp decline in the spring, home building has staged a dramatic rebound. In fact, supported by low mortgage rates, an evolving geography of housing preferences, and favorable demographic tailwinds, housing demand has improved so quickly that the current difference between the pace of newly-built single-family home sales and for-sale single-family construction starts has reached a historic level. The... Read More › The post Home Building: Sales Outpacing Starts by a Historic Margin first appeared on Eye On Housing .
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 8:40 AM » Weekly jobless claims come in at 898,000, vs 830,000 expected
    Published Thu, Oct 15 2020 8:40 AM by CNBC
    Weekly jobless claims come in at 898,000, vs 830,000 expected<br/>https://www.cnbc.com/2020/10/15/weekly-jobless-claims.html
  • 8:06 AM » Softwood Lumber Prices Surge a Record 29% in September — Building Materials Up 4.4% in 2020
    Published Thu, Oct 15 2020 8:06 AM by eyeonhousing.org
    Prices paid for goods used in residential construction climbed 1.8% in September (not seasonally adjusted) according to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics. The index for inputs to residential construction, goods less food and energy (i.e. the "core")-a less volatile price measure-increased 2.2% over the month. The core index for building materials has... Read More › The post Softwood Lumber Prices Surge a Record 29% in September -- Building Materials Up 4.4% in 2020 first appeared on Eye On Housing .
    Click Here to Read the Full Article

    Source: eyeonhousing.org
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