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☆ Discounts drew crowds but Black Friday week sales gain softest in years -report
▼ + stars: | 2023-11-28 | by ( Amina Niasse | ) www.reuters.com time to read: +3 min

People shop at the Shops at the Oculus and Westfield Shops during Black Friday shopping in New York City, U.S., November 24, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Nov 28 (Reuters) - U.S. in-store retail sales swelled last week by the most since December courtesy of aggressive discounts, but the year-over-year sales gain for the week covering the traditional Black Friday shopping season kick-off was the smallest in six years. Sales volumes increased for retailers during the Black Friday weekend where cost-aware consumers sought out larger discounts on expensive purchases, according to the report. Buyers are experiencing the cheapest holiday shopping season in years with toys, games, and hobby gear dipping in price for the first time since 2020. Reuters GraphicsDespite the sales gain, the increase is the smallest Black Friday-week gain since 2017's 4.8% year-over-year increase.

Persons: Brendan McDermid, Buyers, ”, Steve Sadove, Amina Niasse, Andrea Ricci Organizations: Westfield Shops, REUTERS, Research, Sporting, Bureau of Labor Statistics, Mastercard, “, Thomson Locations: New York City, U.S

Toys, games and hobby gear are on track to be less expensive this holiday season for the first time since 2020, while sporting goods prices are down this holiday for the first time since 2018, data from the Bureau of Labor Statistics (BLS)showed. To be sure, prices overall are higher in 2023 despite slowed price growth, with October's consumer price index climbing to 3.2% year-over-year. The figure remained flat on a month-over-month basis, signaling some holiday item prices may be slow to come down. Despite a dip in sporting goods prices, they continue to pace above 2019 levels. Walmart WMT.N said prices of general merchandise - clothing, electronics, furniture - had declined by low to mid-single-digit percentages versus last year, enabling the retailer to cut prices this holiday season.

Persons: Theresa Forsberg, Jill Lizzo, Barbie, Walmart WMT.N, it's, ”, Christina Hennington, Vincent Alban, Jessica Ramirez, Jane Hali, Jeffrey Roach, Macy's, Kevin Simpson, Simpson, Siddharth Cavale, Amina Niasse, Jonathan Oatis Organizations: Bureau of Labor Statistics, Walmart, Reuters Graphics Reuters, REUTERS, Associates, LPL, Dick's Sporting, Reuters, Wealth, Target, Home Depot, Wayback Machine, Thomson Locations: New Milford , Connecticut, New York's Harlem, Chicago , Illinois, U.S, New York

A child looks at toys in a Target store ahead of the Thanksgiving holiday and traditional Black Friday sales in Chicago, Illinois, U.S. November 21, 2023. Toys, games and hobby gear are on track to be less expensive this holiday season for the first time since 2020, while sporting goods prices are down this holiday for the first time since 2018, data from the Bureau of Labor Statistics (BLS)showed. Walmart WMT.N said prices of general merchandise - clothing, electronics, furniture - had declined by low to mid-single-digit percentages versus last year, enabling the retailer to cut prices this holiday season. Black Friday discounts are 30% to 50% at major retailers and could go deeper later in the season. "You're going to see margin compression and potentially lower sales," said Simpson, whose firm holds shares in Walmart and Home Depot.

Persons: Vincent Alban, Barbie, Walmart WMT.N, it's, ”, Christina Hennington, Jessica Ramirez, Jane Hali, Jeffrey Roach, Kevin Simpson, Simpson, Siddharth Cavale, Amina Niasse, Jonathan Oatis Organizations: REUTERS, Bureau of Labor Statistics, Reuters Graphics Reuters, Walmart, Associates, LPL, Wayback Machine, Dick's Sporting, Reuters, Wealth, Target, Home Depot, Thomson Locations: Chicago , Illinois, U.S, Macy's, New York

☆ US bond rally points to more affordable housing market
▼ + stars: | 2023-11-15 | by ( Amina Niasse | ) www.reuters.com time to read: +3 min

REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsNEW YORK, Nov 15 (Reuters) - Growing confidence that U.S. bond yields have hit their peak and could head lower from here looks set to make the housing market more affordable in coming weeks. Some analysts think mortgage rates are positioned to come down even more quickly as the spread between conventional 30-year mortgage rates and the 10-year Treasury yield, now near the largest since the 1980s, normalizes. "That's part of the reason why mortgage rates are so elevated - because of that uncertainty on rates and the volatility of rates," Kiefer said. Reuters GraphicsMeasures of bond market volatility have fallen from earlier this year, and as bond yields show signs of falling further, home affordability may be set to improve. The median mortgage payment has risen steadily since 2022, and is now 11% higher than the current period last year.

Persons: Sarah Silbiger, Freddie Mac, Len Kiefer, Freddie Mac's, Kiefer, Joel Kan, Kan, Amina Niasse, Paul Simao Organizations: REUTERS, Federal, Treasury, Reuters, Mortgage Bankers Association, Thomson Locations: Washington , U.S, Treasuries

☆ Prefabricated home shipments on the rise in a pricey property market
▼ + stars: | 2023-11-07 | by ( Amina Niasse | ) www.reuters.com time to read: +4 min

That appears to be boosting demand in the prefabricated housing market, a sector that has lost market share in the past decade. "There's going to be continued interest in prefabricated homes because it's a window to building." As of May, the most recent month for which data is available, the average price of a prefabricated home was $129,900, according to Census data. Most modular construction factories are concentrated in the Mid-Atlantic and Southeast, where modular market share outpaces the national average of 2%, said Devin Perry, executive director of business improvement programs at the NAHB. "This is providing opportunities for modular to grab more market share."

Persons: Brian Abramson, Abramson, Danushka Nanayakkara, Devin Perry, Perry, Amina Niasse, Dan Burns, Andrea Ricci Organizations: Census, Reuters, Homes, Mortgage, Association, National Association of Homebuilders, Thomson

☆ US second home sales slide in pandemic-era vacation hot spots
▼ + stars: | 2023-10-30 | by ( Amina Niasse | ) www.reuters.com time to read: +4 min

And as secondary home activity dwindles, some smaller housing-related businesses in leisure hot spots say they are feeling the pinch as well. “Services for existing rentals has grown, but services for larger ticket remodeling work on new vacation rentals has stopped," said Tim Allen, owner of Kopa Home Services, based in Flagstaff, Arizona. Allen has had to decrease unit prices in his separate vacation rental business, Local Vacation Team, to keep occupancy figures above market. For Flagstaff, that figure is 14%, according to data from AirDNA, a short-term rental data provider. "With the acceleration of the creation of vacation rentals during the pandemic, now if visitors are at 1,000, there are 3,000 rentals available,” he said.

Persons: Kevin Lamarque, ”, Chuck Tuttle, they’re, ” Tuttle, Tuttle, Tim Allen, Jessica Lautz, Allen, “, Amina Niasse, Daniel Burns, Bill Berkrot Organizations: REUTERS, National Association of Realtors, William, Hilton, Lake Havasu, Federal Reserve, Mortgage Bankers Association, realtors, “ Services, Kopa Home Services, NAR, Thomson Locations: Island , South Carolina, U.S, Lake Havasu City , Arizona, William Raveis, Cape Cod, Massachusetts, Lake, Lake Havasu City, Flagstaff , Arizona, Flagstaff, AirDNA

☆ US restaurant employment recovers to pre-pandemic levels
▼ + stars: | 2023-10-06 | by ( Amina Niasse | ) www.reuters.com time to read: +2 min

NEW YORK, Oct 6 (Reuters) - U.S. restaurant employment reached pre-pandemic levels in September for the first time in three-and-a-half years, according to a report released Friday, signaling a potentially broader recovery for the leisure and hospitality industry. The gains in restaurant and bar employment last month were almost double the average of 37,000 jobs added monthly over the past year. Food service employment was among the most impacted by the COVID-19 pandemic. While the food industry has picked up in payrolls, leisure and hospitality overall has struggled to regain pre-pandemic levels of employment in a tight labor market. The hotel accommodations and the amusement and gambling services industries remain below their February 2020 employment levels, with hotel employment still 10% below where they were on the eve of the health crisis.

Persons: ”, Julie Su, Amina Niasse, Rod Nickel Organizations: of Labor Statistics, BLS, Employers, Labor, Workers, Thomson Locations: payrolls

☆ US employers announce fewer layoffs in September, report shows
▼ + stars: | 2023-10-05 | by ( Amina Niasse | ) www.reuters.com time to read: +2 min

Announced job cuts by U.S.-based employers totaled 47,457 last month, down about 37% from 75,151 in August, outplacement firm Challenger, Gray & Christmas said in the report. The announced layoffs were the largest since 2020, the first year of the coronavirus pandemic, on a year-to-date basis, the report said. Employers most frequently cited market uncertainty as a reason for the layoffs last month, followed by the closure of businesses, units or stores. In September, employers announced plans to add 590,353 jobs, up from the 380,014 announced hires in September 2022. The majority of these positions fill seasonal hiring needs, the Challenger report said.

Persons: Elizabeth Frantz, Andrew Challenger, Amina Niasse, Paul Simao Organizations: REUTERS, U.S, Employers, Bureau of Labor Statistics, Labor, Survey, Challenger, Thomson Locations: Arlington , Virginia, U.S

☆ Mortgage rates reach highest since November 2000 - MBA
▼ + stars: | 2023-10-04 | by ( Amina Niasse | ) www.reuters.com time to read: +2 min

REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsNEW YORK, Oct 4 (Reuters) - U.S. mortgage interest rates rose to the highest since November 2000 last week, helping to drive home loan application volumes to the lowest in 27 years, a report on Wednesday said. “Mortgage rates continued to move higher last week as markets digested the recent upswing in Treasury yields," said Joel Kan, the MBA's vice president and deputy chief economist. Yields on the 10-year Treasury note , which is the main benchmark for determining mortgage rates, have climbed to their highest since the global financial crisis, hitting 4.8% this week. Moreover, the spread between 10-year note yields and 30-year mortgage rates are near record-wide levels, which has also exacerbated the rise in borrowing costs for prospective homebuyers. Last week also marked the fourth consecutive week that mortgage rates rose.

Persons: Sarah Silbiger, Joel Kan, Kan, Amina Niasse, Andrea Ricci Organizations: REUTERS, Mortgage Bankers Association, “, Federal Reserve, Thomson Locations: Washington , U.S

☆ U.S. pending home sales fall more than expected in August
▼ + stars: | 2023-09-28 | by ( Amina Niasse | ) www.reuters.com time to read: +1 min

The National Association of Realtors' Pending Home Sales Index fell 7.1% to 71.8 from July's revised 77.3. The decrease, the largest since September 2022, exceeded the median economist forecast for a 0.8% fall, according to a Reuters poll. On a year-over-year basis, pending sales were down 18.7%. "It's clear that increased housing inventory and better interest rates are essential to revive the housing market." Pending sales of existing homes slid by the most in the South and West regions.

Persons: Lucy Nicholson, Lawrence Yun, Amina Niasse, Andrea Ricci Organizations: REUTERS, National Association of Realtors, Mortgage, Association, Federal, Thomson Locations: Los Angeles , California, U.S, South, West

☆ US annual home price growth accelerates in July
▼ + stars: | 2023-09-26 | by ( Amina Niasse | ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake Acquire Licensing RightsNEW YORK, Sept 26 (Reuters) - U.S. annual home price growth accelerated for a second straight month in July, signaling that softening prices in the market may be bottoming out, according to a report released on Tuesday. Home purchase prices increased 4.6% on a year-over-year basis in July, up from a revised 3.2% increase in the prior month. June marked the first acceleration in annual price growth since February 2022, the Federal Housing Finance Agency (FHFA) said. The report also showed prices rose moderately on a month-over-month basis, in line with the trend over the past quarter. "Regionally, all nine census divisions posted positive price appreciation over the last 12 months, although the Pacific and Mountain divisions experienced only modest growth," said Nataliya Polkovnichenko, FHFA's supervisory economist.

Persons: Mike Blake, Nataliya Polkovnichenko, Amina Niasse, Paul Simao Organizations: REUTERS, Federal Housing Finance Agency, Thomson Locations: Rancho, San Diego , California, U.S, New England, Chicago, Cleveland

☆ US homebuilder confidence falls to lowest since April, says NAHB
▼ + stars: | 2023-09-18 | by ( Amina Niasse | ) www.reuters.com time to read: +2 min

Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021. REUTERS/Mike Blake/ Acquire Licensing RightsNEW YORK, Sept 18 (Reuters) - U.S. homebuilder confidence fell for a second month in September, with optimism dropping to the lowest since April as high interest rates cut into affordability for prospective buyers. The National Association of Home Builders/Wells Fargo homebuilder sentiment index fell to 45 this month from a reading of 50 in August, when builder sentiment had fallen for the first time since December. Since the Federal Reserve began hiking interest rates in March 2022, mortgage rates have risen, and have held above 7% since early August, the highest level since 2002. Sales expectations among builders fell in September amid lower pricing, with the six-month outlook for home sales falling to 49 from 55 the month prior.

Persons: Mike Blake, Fargo, ”, Robert Dietz, Amina Niasse, Andrea Ricci Organizations: KB, REUTERS, National Association of Home Builders, “, Federal Reserve, Thomson Locations: Valley Center , California, U.S

☆ U.S. mortgage rates fall for a second week but hold above 7%
▼ + stars: | 2023-09-07 | by ( Amina Niasse | ) www.reuters.com time to read: +1 min

NEW YORK, Sept 7 (Reuters) - Key U.S. mortgage interest rates fell for a second week but held above 7% and remained near the highest in decades, according to a survey released Thursday by housing finance giant Freddie Mac. The average contract rate on 30-year-fixed-rate mortgages declined to 7.12% as of Thursday from 7.18% the prior week, Freddie Mac said. Mortgage rates climbed steadily over the past two years on the back of the Federal Reserve's rate hikes, and they recently spiked to the highest rate in more than two decades. A "For Rent, For Sale" sign is seen outside of a home in Washington, U.S., July 7, 2022. REUTERS/Sarah Silbiger/File Photo Acquire Licensing Rights“For the fourth consecutive week, the 30-year fixed-rate mortgage hovered above 7%,” said Sam Khater, chief economist at Freddie Mac.

Persons: Freddie Mac, Sarah Silbiger, ”, Sam Khater, Andrew Flowers, Amina Niasse, Cynthia Osterman Organizations: REUTERS, Appcast Inc, Thomson Locations: Washington , U.S

☆ Jobless rate for Black Americans drops as others rise
▼ + stars: | 2023-09-01 | by ( Amina Niasse | ) www.reuters.com time to read: +1 min

REUTERS/Bryan Woolston Acquire Licensing RightsNEW YORK, Sept 1 (Reuters) - Black Americans were the only U.S. racial or ethnic group to see a drop in their jobless rate in August, helping drive the gap between the rates for Black people and white people back to near a record low. The unemployment rate for Black Americans historically has risen before an approaching recession and typically has turned higher before that of other groups. August's half-percentage point drop to 5.3% came as the rates for whites, Hispanics and Asian Americans all rose. The overall U.S. jobless rate rose to 3.8% from 3.5%, but that was the result of growth in the workforce. The unemployment rate gap between Black and white Americans fell back to 1.9 percentage points, just 0.3 percentage points shy of the record 1.6-point gap in April.

Persons: Bryan Woolston, Amina Niasse, Peter Graff Organizations: Kentucky Labor, REUTERS, Bryan Woolston Acquire, Black, Bureau of Labor Statistics, Blacks, Thomson Locations: Frankfort , Kentucky, U.S

☆ "Barbenheimer" makes waves for July's movie spending, but box office recovery still lags
▼ + stars: | 2023-08-31 | by ( Amina Niasse | ) www.reuters.com time to read: +3 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsNEW YORK, Aug 31 (Reuters) - "Barbenheimer" - the twin-bill summer box office phenom - sure helped to drive U.S. consumers back to cinemas last month, but movie-going is still struggling to catch up to other recreational spending categories post-pandemic. While that helped long-suffering box office receipts, it made less of a splash for overall consumer spending when compared to larger categories like clothing and household furnishings, economists at Oxford Economics said. It made a big difference in the live-event spending area though, at least for the moment. This summer’s box office has been out of the ordinary with ticket sales for the season up $500 million from last summer’s sales, according to data firm Box Office Mojo. While other categories of live-event spending have fully recovered from the hit delivered by pandemic shutdowns, film attendance outlays remain at roughly 65% of their pre-COVID levels.

Persons: Mike Blake, Oppenheimer, Michael Pearce, Taylor, Amina Niasse, Dan Burns, Andrea Ricci Organizations: REUTERS, Commerce Department, Warner Bros, Oxford Economics, Graphics, Mojo, Sporting, Federal Reserve Bank of Philadelphia, Gillette, Billboard, Thomson Locations: Los Angeles , California, U.S, Massachusetts

☆ US home prices show signs of stabilizing, reports show
▼ + stars: | 2023-08-29 | by ( Amina Niasse | ) www.reuters.com time to read: +2 min

REUTERS/Octavio Jones Acquire Licensing RightsNEW YORK, Aug 29 (Reuters) - U.S. housing prices showed further signs of stabilizing in June, according to two reports out Tuesday that signaled the lengthy run of softening sales prices may be bottoming out. Both reports showed prices rose modestly month-over-month. House prices rose 3.0% between the second quarters of 2022 and 2023, FHFA said. FHFA's data showed June’s year-over-year gains were strongest in the East North Central and New England regions, up by 5.4% and 6.8%, respectively. On a city basis, the Case-Shiller data showed Chicago and Cleveland experiencing the greatest price accelerations.

Persons: Octavio Jones, FHFA, ”, Anju Vajja, ” Craig Lazzara, DJI, Amina Niasse, Safiyah Riddle, Andrea Ricci, Leslie Adler Organizations: REUTERS, Federal Housing Finance Agency, Federal Reserve, FHFA’s Division of Research, Statistics, East North, Thomson Locations: Tampa , Florida, U.S, “ U.S, East North Central, New England, Chicago, Cleveland

☆ The Stock Market Is No Fun When Student Loan Payments Are About to Restart
▼ + stars: | 2023-08-12 | by ( Amina Niasse | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/the-stock-market-is-no-fun-when-student-loan-payments-are-about-to-restart-fcc1d6a8

Persons: Dow Jones

☆ The Allure of Beauty Stocks Is Fading
▼ + stars: | 2023-08-01 | by ( Amina Niasse | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ A Soft Corporate-Earnings Season Poses Next Test for Stock Market Rally
▼ + stars: | 2023-07-09 | by ( Hannah Miao | Amina Niasse | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/a-soft-corporate-earnings-season-poses-next-test-for-stock-market-rally-b44d495b

Persons: Dow Jones

☆ Binance.US Crypto Market Share Dives
▼ + stars: | 2023-07-05 | by ( Amina Niasse | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ Tech-Stock Boom Pits AI Against the Fed
▼ + stars: | 2023-06-19 | by ( Akane Otani | Amina Niasse | ) www.wsj.com time to read: 1 min

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☆ Boomers Got Hooked on Stocks. Now They Can’t Let Go.
▼ + stars: | 2023-06-18 | by ( Hannah Miao | Amina Niasse | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/boomers-got-hooked-on-stocks-now-they-cant-let-go-8589ff74

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