Sales of cars and trucks have been very strong, helped by low interest rates and more people moving to the suburbs. Core orders, which exclude defense and transportation, rose 1% and were above pre-pandemic levels for the second month in a row.
This is very good news for the economy, the only concern is the recent spike of coronavirus cases could put both orders and the ability to produce these goods at risk.
Hey Greg, I thought you said housing was on fire, what happened?
While this data is certainly surprising, the run of amazing numbers couldn’t go on forever. Despite September’s decline, new home sales are 32% higher than a year ago, and 24% higher than January’s pre-coronavirus high.
I expect these numbers to start climbing again next month, as more inventory has hit the market.
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