Did You Know?
Did You Know?
Some more good news: The number of workers seeking unemployment benefits fell for the 3rd straight week, a sign that layoffs have started to ease following an increase in early January. The total remained at a higher weekly level than before a winter surge in coronavirus cases and claims also remained well above the pre-pandemic peak of 695,000 and are still higher than in any previous recession for records tracing back to 1967.
The U.S. economy is expected to expand more rapidly in 2021 than projected in July, but it'll take several years for output to reach its full potential and for the number of employed workers to return to its pre-pandemic peak, according to the Congressional Budget Office. Annual growth is likely to average 2.6% through 2025. Expect modestly higher inflation and higher interest rates over the coming years than anticipated in July. (WSJ)
During 2020, the homeownership rate jumped to roughly 67%, up nearly 3% from a year earlier after remaining largely flat for a decade, according to the Census Bureau. Price appreciation is now outpacing wage appreciation in 90% of housing markets nationally, according to Attom Data Solutions. The median prices of single-family homes and condos are less affordable than historical averages in 63% of U.S. counties, up from 54% a year ago,(CNBC)
The personal savings rate rose to 13.7% last month, far higher than the pre-pandemic level of roughly 8%. Excluding last year, the savings rate is at the highest level since 1975. Households collectively saved $1.4 trillion in the first 9 months of 2020, about twice as much as what they saved in the same period in 2019. Now imagine just HALF of the difference flowing into the economy......(WSJ)