The housing sector continues to astound the markets and has been an anchor for the U.S. economy for the past four months. The National Association of REALTORS® reports that Pending Home Sales rose 8.8% in August to a record 132.8 for the index. Annually, the index surged 24.2%. However, the pace can not be sustained given the low levels of supply. NAR's Chief Economist Lawrence Yun says, "While I did very much expect the housing sector to be stable during the pandemic-induced economic shutdowns, I am pleasantly surprised to see the industry bounce back so strongly and so quickly."
Private employer hiring saw robust numbers in September as the economy continues to rebound from the pandemic induced levels seen in late March and early April of 20202. ADP Private Payrolls rose by 749,000 versus the 600,000 expected and up from the 681,000 created in August. Solid gains were seen in trade, transportation, utilities and manufacturing. "The labor market continues to recover gradually," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. However, small businesses continued to demonstrate slower growth."
Lawmakers on Capitol Hill continue to try and hammer out a much-needed stimulus deal to aid the American people. Time is running out as lawmakers are set to leave D.C. at the end of the week to hit the campaign trail. Congress agrees on direct payments to Americans, enhanced unemployment benefits and help for small businesses. If a deal isn't reached this week, help won't come to those in need until after the general election.