U.S. Economic News
August 18, 2020
U.S. Economic Indicators
Privately-owned housing starts rose 22.6% in July to a seasonally adjusted annual rate of 1.50 million (up 23.4% year-over-year). Housing permits rose 18.8% to a 1.50 million annual pace in July (up 9.4% year-over-year). Census Bureau Report
U.S. News
The Washington Post reports that unemployed workers may only receive three weeks of supplemental unemployment benefits under President Trump’s recent executive order given the limited pot of federal disaster relief funds made available. Benefits may take weeks to arrive as states race to upgrade their computer systems and make sense of the program’s criteria. WaPo
The Wall Street Journal reports that strong second quarter sales for home improvement and e-commerce retailers demonstrate how the coronavirus pandemic has shifted consumer spending habits. Buoyed by government stimulus checks and social distancing measures, retailers catering to the needs of Americans spending more time at home have flourished while many traditional retail chains have been forced into bankruptcy. WSJ