U.S. Economic News
August 25, 2020
U.S. Economic Indicators
The Conference Board’s Consumer Confidence Index decreased from 91.7 (revised) in July to 84.8 in August. Consumers’ assessment of current business and labor market conditions decreased sharply, while near-term expectations for jobs, business conditions, and financial prospects declined modestly. Conference Board Report
New home sales increased 13.9% in July to a seasonally adjusted annual pace of 901,000 and were 36.3% above year-ago levels. The median sales price fell to $330,600 and the inventory of new homes declined to 4.0 months at the current sales rate. Census Bureau Report
U.S. News
Andrew Van Dam reports for the Washington Post that a rising share of layoffs once perceived as temporary are becoming permanent, raising fears that longer-term recessionary impacts are beginning to set in. A recent analysis from Harvard economists estimates that permanent unemployment may increase to Great Recession levels by the end of the year, implying significant labor market scarring that could plague the U.S. economy for years to come. WaPo