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Economic Commentary

Home sales storm back in June

Existing home sales soared by 20.7 percent in June as homebuyers rushed back into the housing market post-lockdown. Aside from the extreme lows for April and May, the 4.72 million unit annualized sales pace was still the weakest since September 2012 as low inventories of homes on the market and continued virus concerns dampen sales. Still, given the surge in demand over the past few months, it looks increasingly likely that the bottom in housing activity for this economic downturn is in the rear-view mirror. 

Economic Commentary

Better economic data, but rising infection rates increase near-term risks

The economic recovery gathered still more steam in June as job gains and retail spending spiked again while the business sector jumped back into expansion. A record drop for real GDP is still expected for the second quarter, but there is a broad consensus that there will be a sharp rebound in the third quarter — which could start a period of above-trend growth that extends for at least a couple of years as the economy heals from the COVID-19 recession.