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Added on the 14/01/2019 19:34:41 - Copyright : Wochit
In March, the US Federal Reserve's lowering of interest rates fueled a housing boom. According to Business Insider, the Federal Housing Finance Agency says that the explosion shows no signs of subsiding. A seasonally adjusted index of prices rose 1.7% in September from the prior month, and prices jumped 7.8% from their year-ago period. Mortgage rates hit their thirteenth record-low of the year last week. The average 30-year fixed-rate mortgage rate fell to 2.72% from 2.84%. However, experts say the good times in the housing market aren't likely to last forever. We expect some moderation in the pace of housing starts in the face of the rapidly escalating health crisis, a faltering recovery, and softening labor market gains. Nancy Vanden Houten, Lead US economist, Oxford Economics
Business Insider reports that in September, sales of previously owned homes leaped 9.4%. According to the National Association of Realtors that's a seasonally adjusted annual rate of 6.54 million. This is the fourth-straight month of accelerating sales, and the latest rate is the fastest since 2006. Economists surveyed by Bloomberg expected the sales rate to climb to 6.3 million from August's revised 5.98 million. The US housing market has served as a bright spot in the slowing economic recovery. Record-low mortgage rates have driven more Americans to buy units.
Walmart has been one of the few companies to do well in the pandemic. Digital sales have nearly doubled from a year ago, and same-store sales have increased 9%. But according to Business Insider, even Walmart CEO Doug McMillon knows that with such widespread unemployment, its a streak of luck can't last forever. Business Insider reports McMillon said on CNBC's 'Squawk Box' on Thursday that Congress needs to pass a second stimulus package--and do it quickly. Since passing the $2.2 trillion CARES Act in March, Congress has done nothing meaningful towards passing a second stimulus package. There are Americans...that don't really care about politics, aren't really tied up in this election and they just need some help. Doug McMillon, Walmart CEO Interview, CNBC's 'Squawk Box'
Black Friday sales kicked off early at 6 PM local time on Thursday at a Walmart superstore in Dallas, to the delight of hundreds of shoppers looking to bag themselves a bargain. With prices slashed up to 70 percent, many shoppers rushed to get their hands on a new flat screen TV and other electronics, Black Friday is a tradition which originated in the US and has been replicated overseas. The day, which takes place after the Thanksgiving holiday, is usually the busiest shopping day of the year in the US, with large crowds common. Violence, some of which has resulted in fatalities, has occurred in the past as a result of crowds clamouring to buy items at steep discounts. Black Friday sales in 2015 neared $15 billion in the US, and $3 billion of those sales came from the internet.
The world's largest retailer reported a lower fiscal fourth quarter profit as store and e-commerce infrastructure improvements fail to lure more customers. Shartia Brantley reports.
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