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The US Economic Recovery Continues, With Home Sales the Highest Since 2006
The US economy seems to be doing pretty well now, especially for such times of trouble. There’s unrest in certain states and coronavirus measures still in place, like California and New York, but the economy is doing quite well, as most indicators show.
Today’s home sales report was another great one and FED’s Evans is confirming that. Although, this might be a bit misleading, because there’s a big number of people moving from the above mentioned cities to rural areas or suburbs due to the unrest in the urbanized areas.
US August existing home sales data
- August existing home sales 6.00 million vs 6.00m expected
- September existing home sales was 5.86 million
- The highest reading since 200
This is the highest reading since 2006. Some of the jump is certainly a give-back from the halt on activity in the spring but all indications are that sales will remain robust for many months to come.
Comment from the NAR in the report:
“Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market”
Chicago Fed Pres. Charlie Evans speaking
Chicago Fed Pres. Charlie Evans speaking in a virtual webinar. Evans is not a voting member on the FOMC this year
- US has been able to return to about 90% of precrisis economy
- What has surprised him the most is that the US has been able to return to about 90% of precrisis economy
- He is surprise that even as Covid 19 death toll rises, he has marked up his growth forecast
- Expects unemployment rates to fall to 7% to 7.5% by the end of the year
- Says inflaiton will continue to be a challenge. Will underrun 2% for a number of years
- Every week and month without renewing fiscal support risks a longer period of slow growth if not outright recessionary dynamics
- His outlook is premised on at least $500 Billion perhaps $1T of additional support
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