Pfizer, BioNTech say late-stage trial data shows Covid vaccine is more than 90% effective in preventing infection

Albert Bourla, chairman and CEO of Pfizer, hailed the development as a "great day for science and humanity."...(read more)

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GDP and Employment drag from State and Local Governments

A key policy issue for 2021 will be how much disaster relief the Federal government will provide to state and local governments. If we look back at the Great Recession, most of the damage was done to the States after the recession. This is because state and local governments are required to run a balanced budget (or something close), and the state governments started cutting after the recession. Here is a graph showing the contribution to percent change in GDP for residential investment and state and local governments since 2005. Click on graph for larger image. The red bars are the......(read more)

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AAR: October Rail Carloads down 6.6% YoY, Intermodal Up 10.0% YoY

From the Association of American Railroads (AAR) Rail Time Indicators . Graphs and excerpts reprinted with permission . Back in April 2020, when the U.S. economy was basically in a coma, U.S. intermodal originations averaged 219,085 units per week. That was the fewest for any month in more than seven years and the fewest for April in ten years. Back then, no one would have thought that six months later, in October 2020, U.S. railroads would have their best intermodal month in history . Yet that's where we are: U.S. railroads originated an average of 292,469 containers and trailers per week in ......(read more)

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Las Vegas Real Estate in October: Sales up 11% YoY, Inventory down 34% YoY

This report is for closed sales in October; sales are counted at the close of escrow, so the contracts for these homes were mostly signed in August and September. The Las Vegas Realtors reported With rising prices and supply not meeting demand, local housing market looking like rest of U.S.; LVR housing statistics for October 2020 "COVID-19 appears to have extended the typical summer buying period by several months," said 2020 LVR President Tom Blanchard, a longtime local REALTOR®. "The continued demand in our housing market is still not being met and is putting upward pressure on home......(read more)

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Residential Construction Employment Is Higher Than a Year Ago

The recovery of overall labor market continued but at a slow pace. In October, 638,000 nonfarm payroll jobs were added, and the unemployment rate fell to 6.9%. However, October residential construction employment was 11,500 higher than a year ago, marking the first year-over-year gain since the recession of 2020. Residential construction employment rose by 23,800 in October to 2.9 million... Read More › The post Residential Construction Employment Is Higher Than a Year Ago first appeared on Eye On Housing ....(read more)

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Biden Takes Leads In Pa., Ga., Putting Him On Cusp Of Electoral College Win

The Democratic nominee also leads in Nevada and Arizona, as well as in the popular vote. President Trump, meanwhile, has made baseless claims about the integrity of the electoral process....(read more)

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New Daily U.S. Coronavirus Cases Jump Nearly 20%, Hitting Almost 122,000

The U.S. recorded nearly 122,000 new daily coronavirus cases, a sharp uptick over the previous day that saw the country's first six-figure increase since the start of the pandemic....(read more)

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