According to the Bloomberg Nanos Canadian Confidence Index (CCI), Canada’s quick initial rebound in consumer confidence is showing signs of slowing, the most recent indicator to suggest there is a long road ahead for a full economic recovery from the pandemic.
News in end use
Construction Spending Up Fractionally in July but Up 4% Year-Over-Year July 2019 to July 2020
The U.S. Census Bureau has announced that construction spending during July 2020 was estimated at a seasonally adjusted annual rate of $1,364.6 billion, 0.1% above the revised June estimate of $1,362.8 billion.
Mortgage Loans in Forbearance Remain Unchanged at 7.20% for Week Ending 8-23-2020
The Mortgage Bankers Association (MBA) is reporting the results of their latest Forbearance and Call Volume Survey for the week ending August 23rd. The survey is reporting that the total number of loans now in forbearance remained unchanged relative to the prior week at 7.20% as of August 23, 2020.
Mortgage Loans in Forbearance Decline for the Tenth Week in a Row
The Mortgage Bankers Association (MBA) is reporting the results of their latest Forbearance and Call Volume Survey for the week ending August 16th.
Federal Housing Finance Agency Announces Extension of Moratorium on Foreclosure and Eviction of Borrowers with Fannie Mae and Freddie Mac Backed Loans Until December 31st
The Federal Housing Finance Agency(FHFA) has extended its moratorium on foreclosures and evictions for borrowers with mortgages backed by Fannie Mae and Freddie Mac from the previously announced date of August 31st to December 31st.
As Canadian Government Pandemic Relief Winds Down, Bankers Prepare for Potential Issues
Canadian bank executives are preparing for what is shaping up to be a long and bumpy recovery from the COVID-19 pandemic, which has pushed the Canadian economy into a recession.
U.S. Consumer Spending Increases 1.9% in July
The U.S. Commerce Department is reporting that for the third month in a row U.S. consumer increased their spending.
Federal Reserve Makes Major Change to Inflation Policy
The Federal Reserve has struggled for more than a decade to get inflation up to their 2% target, which they see as consistent with a growing economy and that allows policymakers with enough room for times of economic stress.
The Bureau of Economic Analysis Reports Personal Income Increased $70.5 Billion in July
The Bureau of Economic Analysis (BEA) is reporting that personal income increased $70.5 billion (0.4%) in July.
This Week’s FEA Weekly Order Survey Participants Continue to See Sales Opportunities
Dealers responding to this week’s FEA Weekly Order Survey noted that July’s housing news just seems to be getting better and better. This week, the U.S. Census Bureau reported that July’s new home sales were 13.9% above the revised June 2020 rate and 36.3% above the July 2019 estimate.