Economy

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U.S. new vehicle sales fell the first time since April in October 0.8% to 16.21M SAAR missing consensus 16.50Me. Sales fell most in the light truck segment, sales of passenger vehicles held up. Car earnings give us insight into consumer trends.

The US manufacturing sector via the regional Chicago ISM Manufacturing PMI hit to the highest since September 2018 in October at 59.3% much higher than the 55.7% expected. New Orders Index highest level at 67.9% since January 2004

US Existing Home Sales in September 6.54 million much stronger than the expected up 9.4%% (est 5.0%; prev R 2.0%). This was the highest since 2006 at 6.30 million and previous (revised) 5.98M million. At 2.7m supply is the lowest since 1982 

Fitch ratings says the cumulative effect from the Covid crisis worse than the financial crisis of 2008-2010. The U.S. leveraged loan default rate to top high yield in 2021 as YTD Default Rate Hits 4%. Nearly 40 percent of the leisure/entertainment universe could default by YE 2021.

The US Labor Department reported another new 661 million non farm paroll jobs in September.  Unemployment is recovering after the Coronavirus hit the economy as people return to work. The unemployment rate fell to 7.9% v. 8.1% estimate, Prior month 8.2%

The US Labor Department reported another new 1.371 million non farm paroll jobs in August.  Unemployment is recovering after the Coronavirus hit the economy as people return to work. The unemployment rate fell to 8.4% v. 9.8% estimate, Prior month 10.2%

German economy minister Peter Altmaier believes Germanyin an 'unexpectedly fast' V-shaped recovery. Despite Coronavirus fears global markets have soared to record highs and economies are saatring to life as PMI show life. The German government revised it' 2020 GDP forecast to -5.8% from -6.3% previously.

The Conference Board said Consumer Confidence declined in August for the second consecutive month in the US with the index at 84.8 v 93.0 expected and 92.6 in July as the Covid-19 lockdown angt continued and stimulus paymetns expired. Consumers appear to see low interest rates and stimulus payments as a one-off event. Consumers were also more pessimistic about the short-term outlook. 

The US Labor Department reported another new 1.763 million non farm paroll jobs in July.  Unemployment and rise in non-farm payroll jobs as the Coronavirus hit the economy. The unemployment rate fell to 10.2% v. 10.6% estimate, Prior month 11.1%

US existing home sales for June were 4.72M v. 4.75M estimate. However the highlight was condominium sales soared by 29.4%, Hhousing inventory -18.2% from a year ago with huge jumps in the South and West

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