Headlines discussed at LNWM’s Monday morning briefing:
— Peak US economic growth is expected for 2nd quarter 2021 (+9.2% vs. 2nd quarter 2020); 2% – 3% growth is expected in 2022 as pandemic drop recedes.
— US housing starts rose 6% in June (vs. year ago) but building permits fell 5% on rising costs, shortages.
— The federal ban on mortgage foreclosures ends July 31 or Sept. 30, affecting nearly 2 million households; mortgages may be restructured to lower payments.
— Weekly jobless claims rose to 419,000 (vs. 350,000 expected), with some 12.6 million people on unemployment (vs. more than 30 million at height of pandemic).
— The US needs to spend $1 trillion annually to fight climate change (vs. $200 billion now) to meet 2035 and 2050 clean energy goals, per US energy official.
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