Economy

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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

The US Labor Department reported another a surprise fall in unemployment and rise in non-farm payroll jobs on Friday for June as the Coronavirus hit the economy. Unemployment rate 11.1% v. 12.5% estimate, Prior month 13.3%

Harvard Research has shown that the coronavirus might have been spreading in China as early as August last year Reueters reports. Included in the research is satellite images of hospital travel patterns and search engine data. In response China has dismissed the report as "ridiculous".

The US Labor Department last month reported the a surprise fall in unemployment and rise in non-farm payroll jobs on Friday for May as the Coronavirus hit the economy. Unemployment rate 13.3% v. 19% estimate, Prior month 14.7%

New home sales for April surprise with a much higher 623K versus a 480K estimate, that is a 0.6% vs. -23.4% estimate. This follows a revised 619K in March. May will be watched to see how many contracts are completed due to the Covid Lockdown.

NAHB housing market index for May 37 is up from 30 last month and a 35 estimate. For the year it is -29 from -33 last month.

The US Labor Department reported the largest one-month rise in unemployment since the Great Depression on Friday for April as the Coronavirus hit the economy. Unemployment was higher to 14.7%  This is a lagged report however and the past two jobless claims tells us job losses are much higher.

US job cuts soared in April to the most ever as the Covid-19 lockdown devastated the economy. The damage to working class and middle America, the engine of the American economy is unprecedented.

The US Small Business $350 billion PPP program has been fully drawn down. The US Administration is seeking to add another $250 billion, however Nancy Pelosi is halting it based on other spends. The Feds Bostic expects Congress to act quickly to replenish the program.

The United States budget deficits will total more than $3.8 trillion (18.7 percent of GDP) in 2020 the CRFB forcasts due to the effects of the COVid 19 crisis and legislation enacted to combat it.

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