Existing home sales in 2020 increased 5.6% from 2019, the largest increase since the Great Recession, and the median home sales price went up nearly 13%, the National Association of Realtors reported Friday. Helped by record-low interest rates, home sales rose in December and for 2020 as a whole. Volume of existing home sales reached 5.64 million in 2020 while the median price of $309,800 was 12.9% above 2019. Inventory fell to a record low, with a 1.9-month supply, down from 2.3 months in … [Read more...]
Trump announces delivery of stimulus funding for Native Americans
President Donald Trump said the federal government on Tuesday began distributing funds allocated to Native American tribes as part of the $2.2 trillion coronavirus relief bill signed in March. He made the announcement during his most extensive trip since the COVID-19 crisis began in mid-March -- to Arizona. "This is the largest investment in Indian country in our history. You deserve it, you've been through a lot," Trump said during a roundtable. Treasury Secretary Steven Mnuchin and … [Read more...]
Trump announces $850B coronavirus stimulus package
The proposal includes stimulus payments to Americans the administration called "business interruption" compensation. President Donald Trump on Tuesday said he's confident the United States will rebound quickly from the coronavirus outbreak, as his administration outlined an $850 billion economic stimulus program. Trump, speaking at a White House briefing with his Coronavirus Task Force, said the United States will rebound "stronger than ever" after beating the virus. "If we do this … [Read more...]
Amazon to hire 100,000 workers to help deliver ‘critical’ supplies
U.S. retail giant Amazon says it will hire 100,000 full- and part-time workers at fulfillment centers to keep up with demand and help Americans who are isolating during the coronavirus outbreak. The company said it decided to hire additional workers to help Americans who "rely on Amazon's service in this stressful time." Amazon also said it will hike pay for some workers in the United States and Britain through April. "Amazon and our network of partners are helping communities around the … [Read more...]
Crude oil prices top $70 per barrel as Middle East tensions escalate
Crude oil futures topped $70 per barrel in early trading Monday amid rising tensions in Iraq and Iran following the killing of a top Iranian military commander in Baghdad. Benchmark Brent crude futures reached $70.72 early in Monday's session, up 1.28 percent, before falling back below the $70 mark to $69.49. West Texas Intermediate crude for February delivery was up 1.21 percent to $69.26 per barrel, a 58-cent increase since Friday and its highest level since April. The crude oil price … [Read more...]
Freak fall weather could reduce U.S. potato supplies
Potatoes could be in short supply during the coming year after several fall weather events hindered harvests in key areas. Temperatures dropped well below freezing for several days in Idaho, the nation's No. 1 potato-producing state, while much of the crop still was in the ground. Meanwhile, North Dakota, which ranks fourth in potato production, has had so much rain this fall that growers fear they will be unable to complete their harvest. "For some areas, the losses could be substantial," … [Read more...]
Report predicts record U.S. holiday shopping sales of $143B
Projected sales figures indicate shoppers may spend their way to a new record economic level this holiday season, which begins Friday. Adobe Analytics said in an analysis Tuesday that online holiday shopping could approach $150 billion for the period from Nov. 1 through Dec. 31. The study projects $143 billion in online sales, and more than $9 billion on Cyber Monday -- the Monday after Thanksgiving -- alone. Digital sales could reach $7.5 billion on Black Friday and $4.4 billion on … [Read more...]
Retail sales bounced back after disappointing holiday season
After a not-so-merry holiday shopping season, retail sales bounced back in January, beating Wall Street expectations. Retail sales were up 0.2 percent in January, boosted by online shopping and home centers. Economists predicted a 0.1 percent increase. This comes one month after December sales were down 1.6 percent, the largest drop since the latter days of the recession of 2009. The results were worse than anticipated. The U.S. Department of Commerce released the January report Monday, … [Read more...]
Oil prices fall after Trump’s twitter plea to OPEC
Oil prices started Monday higher on optimism about trade talks, and were on their way to extending gains after a recent rally, until U.S. President Donald Trump's tweet to OPEC sent the market clearly south. West Texas Intermediate prices fell 2.5 percent to $55.85 per barrel while Brent future prices fell 2.2 percent to $65.77 per barrel as of 8:30 a.m. EST. At 06:46 a.m. EST, WTI had traded at $57.43 per barrel, up from $57.26 per barrel on Friday. Trump tweeted early Monday that oil … [Read more...]
Oil prices start year lower on oversupply, demand concerns
Crude oil prices were lower early Monday amid ongoing concern that the market remains oversupplied, while the demand outlook may weaken due to lower consumption in China, the world's biggest crude oil importer. West Texas Intermediate front-month crude prices were down 1 percent as of 08:00 a.m. EST to $44.95 per barrel while Brent crude futures declined 0.9 percent to $53.30 per barrel. "It looks as though Brent calendar spreads indicate a slightly oversupplied market for 2019. China … [Read more...]
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