Register or Sign in        Email This Page     Link To This Page    
Visit MND at MBA in NYC!
1,829
# of Questions Answered
Select a Date
Use the calendar to view news headlines from a specific date.
Today  |  Yesterday  |  Random
Bottom Right Default
State Name: Connecticut
State Name underscore: Connecticut
State Name dash: Connecticut
State Name lower underscore: connecticut
State Name lower dash: connecticut
State Name lower: connecticut
State Abbreviation: CT
State Abbreviation Lower: ct
Suggest a Story
Paste the URL of the story below to submit for editorial review and possible inclusion in ATW.
Please add 4 and 6 and type the answer here:
Leave this field blank.
What is Around the Web?
It is a continuously updated stream of news from around the web
Visit throughout the day for the latest breaking news.
» Click any link below to read more.
  • Thu, Jul 2 2020
  • 2:28 PM » Class Notes: Economic Activity Amid COVID-19, Homeownership and Wealth, and More
    Published Thu, Jul 02 2020 2:28 PM by webfeeds.brookings.edu
    This week in Class Notes: Raj Chetty and colleagues have built a publicly available platform that tracks economic activity at a granular level in real time. DelCAN and similar programs can increase the use of the most effective reversible methods of contraception. COVID-19 has a large, negative effect on the experience of college students, with low-income students being hit the…             
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 12:13 PM » U.S. coronavirus cases soar by more than 50,600 in record single-day jump
    Published Thu, Jul 02 2020 12:13 PM by CNBC
    The U.S. reported more than 50,600 additional coronavirus cases on Wednesday, the largest single-day increase since the beginning of the outbreak.
  • 12:09 PM » BEA: June Vehicles Sales increased to 13.0 Million SAAR
    Published Thu, Jul 02 2020 12:09 PM by Calculated Risk Blog
    The BEA released their estimate of May vehicle sales this morning. The BEA estimated light vehicle sales of 13.05 million SAAR in June 2020 (Seasonally Adjusted Annual Rate), up 5.7% from the revised May sales rate, and down 24.1% from June 2019. Click on graph for larger image. This graph shows light vehicle sales since 2006 from the BEA (blue) and an estimate for June 2020 (red). The impact of COVID-19 is significant, and it appears April was the worst month. The second graph shows light vehicle sales since the BEA started keeping data in 1967. Note: dashed line is current estimated sales rate of 13.05 million SAAR. Sales collapsed in the second half of March, and really declined in April. However sales rebounded in May, and increased further in June.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:59 AM » Luxury Home Prices Dropped 2.3% This Spring, Reversing Course From Pre-Pandemic Growth
    Published Thu, Jul 02 2020 10:59 AM by www.redfin.com
    Momentum in high-end home-price growth changed course with the onset of the coronavirus pandemic, but the latest data shows luxury home prices are starting to rebound. The post Luxury Home Prices Dropped 2.3% This Spring, Reversing Course From Pre-Pandemic Growth appeared first on Redfin | Real Estate Tips for Home Buying, Selling & More .
    Click Here to Read the Full Article

    Source: www.redfin.com
  • 9:27 AM » Manhattan apartment sales worst on record, biggest plunge in 30 years
    Published Thu, Jul 02 2020 9:27 AM by CNBC
    Manhattan apartment sales in the second quarter saw their biggest decline in 30 years, and worst quarter on record, as the real estate lockdown and urban flight after the Covid-19 crisis put a freeze on the market.
  • 8:36 AM » US jobs increase by 4.8 million in June, vs 2.9 million estimate; unemployment rate at 11.1%
    Published Thu, Jul 02 2020 8:36 AM by CNBC
    US jobs increase by 4.8 million in June, vs 2.9 million estimate; unemployment rate at 11.1%<br/>https://www.cnbc.com/2020/07/02/jobs-report-june-2020.html
  • 8:04 AM » This New Credit Score Could Help More Home Buyers Receive Mortgages
    Published Thu, Jul 02 2020 8:04 AM by www.realtor.com
    Many lenders turned off the credit spigot for all but the most qualified borrowers as the coronavirus has hurt the economy. A new credit score could help borrowers. The post This New Credit Score Could Help More Home Buyers Receive Mortgages appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 8:03 AM » House passes extension of coronavirus small business loan deadline
    Published Thu, Jul 02 2020 8:03 AM by CNBC
    House passes extension of coronavirus small business loan deadline<br/>https://www.cnbc.com/2020/07/01/house-passes-extension-of-coronavirus-small-business-loan-deadline.html
  • Wed, Jul 1 2020
  • 3:12 PM » Jobs data for June could show strong rehiring ahead of the latest virus wave
    Published Wed, Jul 01 2020 3:12 PM by CNBC
    Economists expect nearly 3 million jobs were created in June, as companies rehired workers they let go when the economy shut down.
  • 2:17 PM » Federal Reserve releases minutes for June meeting
    Published Wed, Jul 01 2020 2:17 PM by CNBC
    Federal Reserve releases minutes for June meeting<br/>https://www.cnbc.com/2020/07/01/fomc-minutes.html
  • 2:16 PM » Correlation Between Low Housing Supply and Purchase Loan Size
    Published Wed, Jul 01 2020 2:16 PM by eyeonhousing.org
    Despite the Mortgage Bankers Association's (MBA) tracked 30-year, fixed-rate mortgage rate moving further downward, by one basis point from the previous week to a new record low of 3.29%, mortgage activity slowed, per the latest Weekly Application Survey. The Market Composite Index, representing purchasing and refinancing activities, decreased by 1.8% on a seasonally adjusted basis from one week earlier, with... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 12:42 PM » 17.6 million unemployed Americans probably won't return to their pre-pandemic jobs
    Published Wed, Jul 01 2020 12:42 PM by CNBC
    The share of the workforce currently out of work with no reasonable chance of returning to their jobs is about 11%, or about 17.6 million people, according to new reserach from the Economic Policy Institute.
  • 11:44 AM » Reopening America: Three ways to preserve jobs
    Published Wed, Jul 01 2020 11:44 AM by webfeeds.brookings.edu
    The United States has experienced many more job losses than other high-income countries due to a significant freeze in economic activity that has been compounded by a decades-long deterioration in labor market arrangements. Reopening promises the opportunity to reemploy millions, but it will be a high-wire act, phasing in business activity without stoking the virus beyond health…             
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 11:44 AM » Construction Spending Decreased in May
    Published Wed, Jul 01 2020 11:44 AM by Calculated Risk Blog
    From the Census Bureau reported that overall construction spending decreased in May: Construction spending during May 2020 was estimated at a seasonally adjusted annual rate of $1,356.4 billion, 2.1 percent below the revised April estimate of $1,386.1 billion. The May figure is 0.3 percent above the May 2019 estimate of $1,352.9 billion. During the first five months of this year, construction spending amounted to $543.2 billion, 5.7 percent above the $513.7 billion for the same period in 2019. emphasis added Private spending decreased and public spending increased: Spending on private construction was at a seasonally adjusted annual rate of $1,001.2 billion, 3.3 percent below the revised April estimate of $1,035.2 billion. ... In May, the estimated seasonally adjusted annual rate of public construction spending was $355.2 billion, 1.2 percent above the revised April estimate of $350.9 billion. Click on graph for larger image. This graph shows private residential and nonresidential construction spending, and public spending, since 1993. Note: nominal dollars, not inflation adjusted. Residential spending is 21% below the previous peak. Non-residential spending is 12% above the previous peak in January 2008 (nominal dollars). Public construction spending is 9% above the previous peak in March 2009, and 35% above the austerity low in February 2014. The second graph shows the year-over-year change in construction spending. On a year-over-year basis, private residential construction spending is up slightly. Non-residential spending is down 3.4% year-over-year. Public spending is up  4.7% year-over-year. This was below consensus expectations of a 1% increase in spending, however construction spending for the previous year was revised up. Construction was considered an essential service in most areas and did not decline sharply like many other sectors.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:31 AM » ISM Manufacturing index Increased to 52.6 in June
    Published Wed, Jul 01 2020 10:31 AM by Calculated Risk Blog
    The ISM manufacturing index indicated expansion in June. The PMI was at 52.6% in June, up from 43.1% in May. The employment index was at 42.1%, up from 32.1% last month, and the new orders index was at 56.4%, up from 31.8%. From the Institute for Supply Management: June 2020 Manufacturing ISM® Report On Business® Economic activity in the manufacturing sector grew in June, with the overall economy notching a second month of growth after one month of contraction, say the nation's supply executives in the latest Manufacturing ISM® Report On Business®. The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee: " The June PMI® registered 52.6 percent , up 9.5 percentage points from the May reading of 43.1 percent. This figure indicates expansion in the overall economy for the second straight month after April's contraction, which ended a period of 131 consecutive months of growth. The New Orders Index registered 56.4 percent , an increase of 24.6 percentage points from the May reading of 31.8 percent. The Production Index registered 57.3 percent, up 24.1 percentage points compared to the May reading of 33.2 percent. The Backlog of Orders Index registered 45.3 percent, an increase of 7.1 percentage points compared to the May reading of 38.2 percent. The Employment Index registered 42.1 percent , an increase of 10 percentage points from the May reading of 32.1 percent. The Supplier Deliveries Index registered 56.9 percent, down 11.1 percentage points from the May figure of 68 percent. emphasis added Click on graph for larger image. Here is a long term graph of the ISM manufacturing index. This was above expectations of 49.0%, but the employment index indicated further contraction. This suggests manufacturing expanded slightly in June, after the steep collapse in the previous months.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:08 AM » ISM Manufacturing Press Release
    Published Wed, Jul 01 2020 10:08 AM by PR Newswire
    New Orders and Production Growing; Employment Contracting Supplier Deliveries Slowing at Slower Rate; Backlog Contracting Raw Materials Inventories Growing; Customers' Inventories Too Low Prices Increasing; Exports and Imports Contracting
  • 9:25 AM » Covid-19 vaccine from Pfizer and BioNTech shows positive results
    Published Wed, Jul 01 2020 9:25 AM by www.statnews.com
    Covid-19 vaccine from Pfizer and BioNTech shows positive results
    Click Here to Read the Full Article

    Source: www.statnews.com
  • 8:21 AM » Private payrolls up 2.37 million in June; May loss revised up to 3.065 million from 2.76 million, ADP says
    Published Wed, Jul 01 2020 8:21 AM by CNBC
    Private payrolls grew by 2.369 million for the month, a bit lower than the 2.5 million expectation from economists surveyed by Dow Jones, according to a report Wednesday from ADP and Moody's Analytics.
  • 8:08 AM » Treasury yields rise as economic data comes into focus
    Published Wed, Jul 01 2020 8:08 AM by CNBC
    U.S. government debt prices were lower Wednesday morning to begin the third quarter, as investors awaited key manufacturing and employment data and monitored measures to combat the coronavirus pandemic.
  • Tue, Jun 30 2020
  • 4:48 PM » Fannie Mae: Mortgage Serious Delinquency Rate Increased in May
    Published Tue, Jun 30 2020 4:48 PM by Calculated Risk Blog
    Fannie Mae reported that the Single-Family Serious Delinquency increased to 0.89% in May, from 0.70% in April. The serious delinquency rate is up from 0.70% in May 2019. This is the highest serious delinquency rate since June 2018. These are mortgage loans that are "three monthly payments or more past due or in foreclosure". The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%. Click on graph for larger image By vintage , for loans made in 2004 or earlier (2% of portfolio), 3.09% are seriously delinquent (up from 2.64% in April). For loans made in 2005 through 2008 (3% of portfolio), 5.22% are seriously delinquent (up from 4.41%), For recent loans, originated in 2009 through 2018 (95% of portfolio), only 0.53% are seriously delinquent (up from 0.38%). So Fannie is still working through a few poor performing loans from the bubble years. With COVID-19, this rate will increase significantly in June and July (it takes time since these are mortgages three months or more past due). I believe mortgages in forbearance will be counted as delinquent in this monthly report, but they will not be reported to the credit bureaus. This is very different from the increase in delinquencies following the housing bubble.   Lending standards have been fairly solid over the last decade, and most of these homeowners have equity in their homes - and they will be able to restructure their loans once they are employed. Note: Freddie Mac reported earlier.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 3:18 PM » Las Vegas Visitor Authority: "No Convention Attendance, Hotel Occupancy 2.8%" in May
    Published Tue, Jun 30 2020 3:18 PM by Calculated Risk Blog
    From the Las Vegas Visitor Authority: May 2020 Las Vegas Visitor Statistics Reflecting the continued shutdown in place due to the COVID-19 pandemic, Las Vegas visitation in May (approx. 151k visitors) was a small fraction of typical levels. Like April, May saw no measurable convention attendance occurring in the destination. Occupancy for the month came in at 2.8% as most of the destination's 148k+ hotel rooms were temporarily closed during the shutdown, while the average day rates (ADR) among the open properties neared $61. Here is the data from the Las Vegas Convention and Visitors Authority . Click on graph for larger image. The blue and red bars are monthly visitor traffic (left scale) for 2019 and 2020.   The dashed blue and orange lines are convention attendance (right scale).  Convention traffic in May was down 100% compared to May 2019. And visitor traffic was down 96% YoY. The number of visitors will increase in June (the casinos started to reopen on June 4th), but will still be down significantly from last year.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:42 PM » Treasury Department, IRS will not extend Tax Day a second time
    Published Tue, Jun 30 2020 1:42 PM by CNBC
    The IRS and Treasury Department have listened to your requests to push the tax deadline beyond July 15 and they are sticking to their guns. What you should know if you can't file on time.
  • 11:57 AM » The wealthy are prepping for tax increases with these three strategies
    Published Tue, Jun 30 2020 11:57 AM by CNBC
    Accountants and tax lawyers say they're seeing surge in calls and emails from wealthy clients asking about actions they can take now to avoid tax hikes in 2021 and beyond.
  • 10:53 AM » "Chemical Activity Barometer Falls Slightly In June"
    Published Tue, Jun 30 2020 10:53 AM by Calculated Risk Blog
    Note: This appears to be a leading indicator for industrial production. From the American Chemistry Council: Chemical Activity Barometer Falls Slightly In June The Chemical Activity Barometer (CAB), a leading economic indicator created by the American Chemistry Council (ACC), eased 0.3 percent in June on a three-month moving average (3MMA) basis following a 4.6 percent decline in May. On a year-over-year (Y/Y) basis, the barometer fell 12.0 percent in June. The unadjusted data show a 3.5 percent gain in June following a 2.2 percent gain in May and a 6.3 percent decline in April. The diffusion index rose from 35 percent to 53 percent. The diffusion index marks the number of positive contributors relative to the total number of indicators monitored. The CAB reading for May was revised upward by 2.68 points and the April reading was revised upward by 0.05 points. " While the latest CAB reading is consistent with a recession, two consecutive months of gains in the unadjusted data is a positive development ," said Kevin Swift, chief economist at ACC. "We'll want to see at least another month of gains in order to conclude that the economy has turned a corner." ... Applying the CAB back to 1912, it has been shown to provide a lead of two to 14 months, with an average lead of eight months at cycle peaks as determined by the National Bureau of Economic Research. The median lead was also eight months. At business cycle troughs, the CAB leads by one to seven months, with an average lead of four months. The median lead was three months. The CAB is rebased to the average lead (in months) of an average 100 in the base year (the year 2012 was used) of a reference time series. The latter is the Federal Reserve's Industrial Production Index. emphasis added Click on graph for larger image. This graph shows the year-over-year change in the 3-month moving average for the Chemical Activity Barometer (CAB) compared to Industrial Production. Although the CAB (red...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:20 AM » U.S. consumer confidence for June jumps to 98.1, vs 91 expected
    Published Tue, Jun 30 2020 10:20 AM by CNBC
    U.S. consumer confidence for June jumps to 98.1, vs 91 expected<br/>https://www.cnbc.com/2020/06/30/us-consumer-confidence-june-2020.html
  • 9:37 AM » Case-Shiller: National House Price Index increased 4.7% year-over-year in April
    Published Tue, Jun 30 2020 9:37 AM by Calculated Risk Blog
    S&P/Case-Shiller released the monthly Home Price Indices for April ("April" is a 3 month average of February, March and April prices). This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index. From S&P: Annual Home Price Gains Remained Steady In April According To S&P CoreLogic Case-Shiller Index The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 4.7% annual gain in April, up from 4.6% in the previous month. The 10-City Composite annual increase came in at 3.4%, remaining the same as last month. The 20-City Composite posted a 4.0% year-over-year gain, up from 3.9% in the previous month. Phoenix, Seattle and Minneapolis reported the highest year-over-year gains among the 19 cities (excluding Detroit) in April. Phoenix led the way with an 8.8% year-over-year price increase, followed by Seattle with a 7.3% increase and Minneapolis with a 6.4% increase. Twelve of the 19 cities reported higher price increases in the year ending April 2020 versus the year ending March 2020. ... The National Index posted a 1.1% month-over-month increase, while the 10-City and 20-City Composites posted increases of 0.7% and 0.9% respectively before seasonal adjustment in April. After seasonal adjustment, the National Index posted a month-over-month increase of 0.5%, while the 10- City and 20-City Composites both posted 0.3% increases. In April, all 19 cities (excluding Detroit) reported increases before seasonal adjustment, while 16 of the 19 cities reported increases after seasonal adjustment. "April's housing price data continue to be remarkably stable," says Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. "The National Composite Index rose by 4.7% in April 2020, with comparable growth in the 10- and 20-City Composites...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:10 AM » The coronavirus is expected to have cost 400 million jobs in the second quarter, UN labor agency estimates
    Published Tue, Jun 30 2020 9:10 AM by CNBC
    The coronavirus pandemic is expected to have resulted in a 14% drop in global working hours in the second quarter of 2020, the International Labour Organization has said.
  • 8:02 AM » PPP loans are ending. Here's where small businesses can turn now
    Published Tue, Jun 30 2020 8:02 AM by CNBC
    The Paycheck Protection Program will stop approving new applications after June 30. Other relief options may be limited for struggling businesses.
  • 8:01 AM » FHFA is providing tenant protections to help renters in multifamily properties stay in their homes
    Published Tue, Jun 30 2020 8:01 AM by twitter.com
    FHFA is providing tenant protections to help renters in multifamily properties stay in their homes and extending a program to support multifamily property owners during the coronavirus national emergency http://ow.ly/1ddQ50Akxbd (Feed generated with FetchRSS )
  • 8:01 AM » Treasury yields retreat as Fed's Powell stresses uncertainty and coronavirus cases surge
    Published Tue, Jun 30 2020 8:01 AM by CNBC
    U.S. government debt prices were higher Tuesday morning after Federal Reserve Chairman Jerome Powell emphasized the prolonged uncertainty facing the U.S. economy, as coronavirus cases soar in numerous states.
  • Mon, Jun 29 2020
  • 5:01 PM » MBA Survey: "Share of Mortgage Loans in Forbearance Decreases Slightly to 8.47%" of Portfolio Volume
    Published Mon, Jun 29 2020 5:01 PM by Calculated Risk Blog
    Note: To put these numbers in perspective, the MBA notes "For the week of March 2, only 0.25% of all loans were in forbearance." From the MBA: Share of Mortgage Loans in Forbearance Decreases Slightly to 8.47% The Mortgage Bankers Association's (MBA) latest Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance decreased by 1 basis point from 8.48% of servicers' portfolio volume in the prior week to 8.47% as of June 21, 2020. According to MBA's estimate, 4.2 million homeowners are in forbearance plan s. ... "The overall share of loans in forbearance declined for the second week in a row, led by the third straight drop in GSE loans," said Mike Fratantoni, MBA's Senior Vice President and Chief Economist. "Many borrowers initially received a three-month forbearance term, and as of June 21, 17 percent of loans in forbearance have now been extended, with the largest share of those being Ginnie Mae loans." Added Fratantoni, "The level of forbearance requests remains quite low as of mid-June. The rebound in the housing market is likely one of the factors that is providing confidence to both potential homebuyers and existing homeowners during these troubled times." emphasis added Click on graph for larger image. This graph shows the percent of portfolio in forbearance by investor type over time.  Most of the increase was in late March and early April. The MBA notes: "Forbearance requests as a percent of servicing portfolio volume (#) decreased across all investor types: from 0.15% to 0.14%."
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 5:00 PM » Powell says recovery path is 'extraordinarily uncertain' amid efforts to control virus
    Published Mon, Jun 29 2020 5:00 PM by CNBC
    Powell says recovery path is 'extraordinarily uncertain' amid efforts to control virus<br/>https://www.cnbc.com/2020/06/29/powell-says-recovery-path-is-extraordinarily-uncertain-amid-efforts-to-control-virus.html
  • 3:49 PM » Millions of American Homes at Greater Flood Risk Than Government Estimates, New Study Says
    Published Mon, Jun 29 2020 3:49 PM by www.realtor.com
    Nearly six million properties across the U.S. have a substantial risk of flooding that isn't disclosed by federal flood maps, according to a nonprofit research firm. The post Millions of American Homes at Greater Flood Risk Than Government Estimates, New Study Says appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 2:03 PM » Update: Framing Lumber Future Prices Up Year-over-year
    Published Mon, Jun 29 2020 2:03 PM by Calculated Risk Blog
    Here is another monthly update on framing lumber prices.   Lumber prices declined sharply from the record highs in early 2018, and then increased until the COVID-19 crisis. This graph shows two measures of lumber prices: 1) Framing Lumber from Random Lengths through June 26, 2020 ( via NAHB ), and 2) CME framing futures. Click on graph for larger image in graph gallery. Right now Random Lengths prices are up 36% from a year ago, and CME futures are up 14% year-over-year. There is a seasonal pattern for lumber prices, and usually prices will increase in the Spring, and peak around May, and then bottom around October or November - although there is quite a bit of seasonal variability. Prices fell sharply due to COVID-19, however prices have bounced back (Note: Construction was considered an essential activity in many areas, so construction didn't decline as much as some other sectors).
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:28 PM » More states reverse or slow reopening plans as coronavirus cases climb
    Published Mon, Jun 29 2020 1:28 PM by CNBC
    The number of new Covid-19 cases per day in the U.S. jumped 42% over the past week to an average of about 38,200 on Sunday, based on a seven-day moving average.
  • 1:26 PM » Nearly half the U.S. population is without a job, showing how far the labor recovery has to go
    Published Mon, Jun 29 2020 1:26 PM by CNBC
    "To get the employment-to-population ratio back to where it was at its peak in 2000 we need to create 30 million jobs," said Torsten Slok, Deutsche Bank's chief economist.
  • 11:22 AM » Supreme Court leaves CFPB intact but backs president's ability to fire director
    Published Mon, Jun 29 2020 11:22 AM by CNBC
    Supreme Court leaves CFPB intact but backs president's ability to fire director<br/>https://www.cnbc.com/2020/06/29/supreme-court-leaves-consumer-regulator-standing-but-backs-presidents-ability-to-fire-director.html
  • 8:46 AM » Six High Frequency Indicators for a Recovery
    Published Mon, Jun 29 2020 8:46 AM by Calculated Risk Blog
    These indicators are mostly for travel and entertainment - some of the sectors that will probably recover very slowly. The TSA is providing daily travel numbers . Click on graph for larger image. This data shows the daily total traveler throughput from the TSA for 2019 (Blue) and 2020 (Red). On June 28th there were 633,810 travelers compared to 2,632,030 a year ago. That is a decline of 76%. There has been a slow steady increase from the bottom, but air travel is still down significantly. The second graph shows the year-over-year change in diners as tabulated by OpenTable for the US and several selected cities. Thanks to OpenTable for providing this restaurant data: This data is updated through June 27, 2020. The spike in diners was for Father's Day, June 21st.  If there is an increase in cases due to Father's Day dining, they will show up in the data approximately two to weeks after the event (the second week in July). This data is "a sample of restaurants on the OpenTable network across all channels: online reservations, phone reservations, and walk-ins. For year-over-year comparisons by day, we compare to the same day of the week from the same week in the previous year." Note that this data is for " only the restaurants that have chosen to reopen in a given market". New York is still off 82%. Florida is only down 49% YoY (declining from a week ago, probably due to the recent surge in COVID cases). This data shows domestic box office for each week (red) and the maximum and minimum for the previous four years.  Data is from BoxOfficeMojo through June 25th. Note that the data is usually noisy week-to-week and depends on when blockbusters are released. Movie ticket sales have picked up a little, but are still under $1 million per week (compared to usually around $300 million per week), and ticket sales have essentially been at zero for fourteen weeks. Most  movie theaters are closed all across the country, and will...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:23 AM » ECB could boost bond buying by another trillion euros, economist projects
    Published Mon, Jun 29 2020 8:23 AM by CNBC
    The European Central Bank (ECB) could expand its bond-buying program by a further 1 trillion euros ($1.12 trillion) over the next two to three years as inflation takes center stage, according to Berenberg European Economist Florian Hense.
  • 8:03 AM » Additional Disaster Relief
    Published Mon, Jun 29 2020 8:03 AM by Calculated Risk Blog
    It is time for additional disaster relief. The key proposals will likely include: 1. Extension of Federal Pandemic Unemployment Compensation (FPUC). The current amount is $600 per week for those receiving unemployment benefits, in addition to the state benefits. This expires at the end of July.   This might be reduced to $400 per week (or a percentage of state benefits). This will probably be extended through the election in November (Ideally the extension period would not be calendar based, but determined by the state unemployment rate).   This is critical, or we will see a significant slump in spending in August, and a sharp increase in delinquencies (rents, mortgages, credit cards, etc). 2. State government relief: It is time for a substantial state relief package. Without relief, the states and local governments will have to start laying off a significant number of employees (Don't be fooled by state and local government hiring in the June employment report - that will be due to a seasonal adjustment quirk ).   State governments will have no choice - they have to run a balanced budget. 3. Recent Graduate Program: There are few job opportunities for people graduating from high school or college this year. These people should be immediately eligible for unemployment benefits (or maybe hired as contact tracers!). 4. Expand the Paycheck Protection Program (PPP): This program has kept many small businesses alive, and millions of employees employed. There will have to be additional disaster relief for these companies, or millions of people will be let go soon. Even with all this disaster relief, there will be significant structural damage to the economy even with an effective treatment and/or vaccine at the end of the year or in early 2021. We need to start thinking about how to put people back to work in 2021 so we don't have an extended period with excessive unemployment.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
1 2 3 4 5 Next > ... Last »
Did you know?
You can see a list of all comments on MND by clicking the 'Read the Latest Comments' option under the 'Community' menu.
 

More From MND

Mortgage Rates:
  • 30 Yr FRM 2.94%
  • |
  • 15 Yr FRM 2.64%
  • |
  • Jumbo 30 Year Fixed 3.95%
MBS Prices:
Recent Housing Data:
  • Mortgage Apps -1.84%
  • |
  • Refinance Index -2.20%
  • |
  • Purchase Index -1.28%