Headlines discussed at LNWM’s Monday morning meeting:
— First-time claims for US unemployment benefits have been over 800,000 a week since mid-March, a trend that has continued into October.
— Mortgage refinancing volume is up 50% from a year ago and up 21% for new mortgages, with the average loan size rising to $371,000, on low mortgage rates.
— The US services sector is expanding at a faster pace, a key indicator showed, with employing growing for the first time since March.
— The total US federal budget deficit is expected to be just over 100% of annual US GDP for fiscal 2020 (around $20 trillion), a ratio not seen since 1946. The value of S&P 500 stocks totaled $27 trillion recently.
— Negotiations for a 2nd round of federal Covid-relief stimulus (after the $4 trillion spent at the start of pandemic) have stalled; may not happen at least until after US elections on Nov. 3.
Disclaimer: Clicking on any of the above links will take you away from the LNW web page and to the source page. While we believe the information in these articles is relevant, we cannot guarantee its accuracy or completeness.
