Rates are still low and builders are still confident! {Market Report} September 18th

September 18, 2020 abryant

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	Consumer spending slowed in August, as extended unemployment benefits ran out for millions of Americans. Despite being lower than expected, retail sales still increased 0.6%.
	The Fed left policy rates unchanged at this week’s meeting and signaled near-zero rates will last through 2023 to aid the economy on its rebound from the coronavirus shutdowns.
	Jobless claims fell slightly less than expected last week, suggesting the labor market recovery has slowed. Nearly 30 million people remain on unemployment benefits.


	Single-family home construction increased 4.1% for the month. Overall, housing starts fell more than expected in August, as multi-family home construction slumped.
	Builder confidence remains at an all-time high as housing leads the economic recovery. This month’s level beat last month’s record high despite labor shortages and rising lumber prices.
	Purchase mortgage applications last week were 6% higher than a year ago, though down 1% from the previous week. Total applications declined 2.5% for the week.

“When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.”
Henry Ford

Next week’s potential market moving reports are:

Monday, September 21st – Chicago National Activity Index
Tuesday, September 22nd – Existing Home Sales
Wednesday, September 23rd – Manufacturing
Thursday, September 24th – First Time Jobless Claims, New Home Sales
Friday, September 25th – Durable Goods Orders

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