Markets in a minute - Sept 15, 2020
In this brief market briefing, the speaker reports that August producer prices rose slightly above expectations, driven by a solid increase in service costs, while underlying wholesale inflation continued to climb modestly. Legislative negotiations on a new stimulus package remain stalled, with Republicans offering a slim bill that Democrats refuse to back. Labor market data show jobless claims missing estimates and continuing claims climbing to 13.385 million, suggesting a possible slowdown in employment gains. In housing news, purchase‑mortgage applications rose 3 % week‑over‑week and are 40 % higher year‑over‑year, with refinances up 60 % year‑over‑year. Nationwide home inventory is at a record low, especially in affordable regions, fueling bidding wars that push prices higher; over two‑thirds of homes sold in July spent less than a month on the market, according to the National Association of Realtors.
