“The U.S. economy created more jobs than expected in October, driven by bars and restaurants re-hiring tens of thousands of workers, even as the country continues to grapple with the coronavirus pandemic,” said right-of-center Fox Business earlier today.
The U.S. Labor Department said in its Friday 11.6.2020 report that employers added 638,000 jobs in October. That meant the unemployment rate went down for the sixth straight month to 6.9%, better than Wall Street’s expectations.
“The labor market continues to climb its way out of the hole created by COVID-19,” said Jason Pride, chief investment officer of private wealth at Glenmeade.
The largest job losses came from the public sector, due in part to the completion of much of the U.S. Census. Government employment fell by 268,000 across the federal, state, and local levels. Educators and other local or state level workers were also among the government job cuts.
Some of the industry totals include the following:
- Leisure and hospitality, one of the industries hit hardest by the pandemic, once again led in terms of job growth, with gains of 271,000.
- Restaurants and bars accounted for 192,000 of the total even as the U.S. set records for new daily COVID-19 infections.
- Professional and business services, surged by 208,000 with gains across the board. About half of those gains were from the hiring of temporary help workers.
- Retail added 103,700 workers, with the biggest gains — 31,000 — in electronics and appliance stores.
- Construction jumped by 84,000.
- Education and health services added 57,000 new positions last month.
“Notable job gains occurred over the month in leisure and hospitality, professional and business services, retail trade, and construction,” the government said in a BLS release.
Quotes That Shed Light – American Social, Industry, National Issues…
Headlines from left-of-center CNN Business
- Return to stability
- A view of the New York Stock Exchange (NYSE) is seen on November 4, 2020 in New York. – Wall Street stocks were in rally mode Wednesday, shrugging off uncertainty over the still-unresolved presidential election and the likelihood of divided government in Washington. The Dow Jones Industrial Average was up 2.0 percent, or about 560 points, at 28,041.28 at around 1530 GMT,
- After four years of Trump, ‘Sleepy Joe’ sounds just fine to Wall Street
- Stocks run out of steam as investors await election results
- America added 638,000 jobs last month and the unemployment rate fell further
- Feds seize $1 billion in bitcoins they say were stolen from Silk Road
- Fox News tells anchors not to call Biden ‘President-elect,’ then seems to change its tune
- Analysis: In a moment of truth for America, Biden leads with facts while Trump leads with feelings
- Fox News anchors are questioning their own network’s election calls
- Twitter suspends fake AP account that falsely called the election for Biden
- Twitter permanently suspends Steve Bannon account
- Stores are limiting toilet paper purchases again
- PlayStation 5 review: The exciting upgrade we hoped for
- CHICAGO, IL – JULY 16: Hershey’s chocolate bars are offered for sale on July 16, 2014 in Chicago, Illinois. Hershey Co., the No.1 candy producer in the U.S., is raising the price of its chocolate by 8 percent due to the rising cost of cocoa. This is the company’s fist price increase in three years.
- Hershey: Areas with high Covid cases bought more chocolate
- A discarded face mask is pictured near an oil pump in Long Beach, California on August 22, 2020. Due to the novel coronavirus, COVID-19, more people wear masks to prevent the spread, more personal protective equipment, or PPE, has been found as litter around the world. The issue has prompted environmental organizations, including the Environmental Protection Agency, to sound the alarm. Some local governments, like Suffolk County in New York, have instituted fines for littering involving masks and gloves, and police departments, like the one in Swampscott, Massachusetts, have warned that improperly discarding PPE is a crime. Conservationists have warned that the coronavirus pandemic could spark a surge in ocean pollution adding to a glut of plastic waste that already threatens marine life after finding disposable masks floating like jellyfish and waterlogged latex gloves scattered across seabeds.
- POP QUIZ How closely were you paying attention to markets this week?
- SAN FRANCISCO, CA – APRIL 20: A marijuana plant is displayed during a 420 Day celebration on & “Hippie Hill” in Golden Gate Park on April 20, 2018 in San Francisco, California. In the first year that marijuana is legal for recreational use in California, thousands of marijuana enthusiasts gathered in Golden Gate Park to celebrate 420 day, the de facto holiday for marijuana advocates, with large gatherings and “smoke outs” in many parts of the United States.
- Legal weed won big in the election
Headlines from right-of-center Fox Business
- Oprah’s Favorite Things of 2020 celebrates Black-owned businesses
- SEARCH RESULTS
- Trump leading Biden in Amazon product searches despite tight election
- PROGRESSIVE POLICIES
- AOC: Policies like ‘Medicare-for-all’ are still in play
- PULLING THE PLUG
- YouTube, Twitter pull Bannon’s show for violent threats against Wray, Fauci
- Facebook blocks hashtag as White House race turns on narrow margins
- TAXING BY THE BAY
- San Francisco voters target income gap with ‘Overpaid Executive Tax’
- LEADING LADY
- CEO who led CVS takeover of Aetna steps down, Karen Lynch will take over
- RATES RELEASED
- Trader Joe’s discloses COVID infection rates after report highlights grocer risk
- HITTING THE SLOPES
- GREAT OUTDOORS
- Alaska Airlines offering free ski passes at US resorts with airfare purchases
- Carnival-owned cruise line suspending Greece voyages
- Uber Eats business now trumps Uber’s rideshare revenue
- New Air Force 6th-Gen aircraft takes flight with F-35
- UK media report that Putin is ill and poised to quit is ‘nonsense,’ says Kremlin
- FDA panel reviews 1st new Alzheimer’s drug in 2 decades
- DOJ seizes bitcoin valued at more than $1B related to Silk Road
- PERSONAL FINANCE
- Ultra-wealthy turn to trusts to plan for potential tax hikes
- Bentley is going all-electric by 2030
- Rare Patrick Mahomes sports card collection hits eBay for whopping amount
- Marriott sees China hotels rebounding faster than North American peers
- Vatican’s financial scandal prompts Pope to move investments
- Fed Chair Powell: Wearing masks will help bring U.S. economy back
- Mortgage rates hit another record low following election uncertainty
- Blackrock CEO Larry Fink: Election outcome makes for ‘very good time’ to manage money
- Elon Musk’s new Tesla tequila sells out within hours of launch
- Facebook to provide ‘reliable information’ across platforms once presidential winner is projected
- Italy locks down financial capital Milan and much of industrial north
- Apple must face shareholder lawsuit over CEO Cook’s China sales comments
- ESPN cuts jobs as parent Disney contends with Covid-19 pandemic
- Investors ‘a little nervous’ about Senate: Steve Moore
- Twitter, Facebook election censorship has gone ‘too far,’ Parler CEO says
- Roomba Recall: iRobot issues warning about docking station issues
- T-Mobile picks up pace of its cost-cutting program
- Uber posts third-quarter loss as pandemic continues to hurt rides
- Pabst buys shuttered California brewery from Molson-Coors
Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…
Featured Focus –
Where Business, Politics and Investing Can Meet
In a report to MHProNews, the American Enterprise Institute (AEI) Housing Center provided their most recent ‘nowcast” data through November 1, week 44.
AEI Housing Center Nowcast
The AEI Housing Center’s Nowcast: Reopening of 40 Metro Area Economies
COVID-19 data through the week of Oct 26-Nov 1 (Week 44), 2020 & foot traffic data through week 43
*If images in this email are not displaying correctly, please right-click on the missing image and select ‘Download Pictures’. To view the report on our website, please click here.
This week’s AEI Reopening of Metro Area Economies Nowcast uses a combination of daily foot traffic to millions of points of interest and daily data on COVID-19 cases and deaths and presents trends for the 40 largest metropolitan areas.
Chart 1: displays changes in foot traffic activity for the 40 largest metros through week 43, indexed to activity in early January. The level of activity for each metro is set at 100% based on the level for January 8-15, 2020.
Note: Bold lines correspond to Cincinnati, Kansas City, San Antonio, Baltimore, Seattle, San Francisco, in that order. They rank in the order that they finish in week 43 high to low.
Source: AEI Housing Center and Safegraph.com.
Chart 2: compares the current level of foot traffic by metro size bin relative through week 43 to Jan. 8-15, 2020. For example, the top 10 metros account for 33% of US GDP by GDP and in week 43 have a foot traffic index of 59%. With the exception of the top 10 metros grouping, all other groupings have recently trended down.
Chart 3: compares the current level of foot traffic by Region relative through week 43 to Jan. 8-15, 2020. With the exception of the Northeast, South, and Southwest regions, the other three regions have recently trended down.
Charts 4 & 5: compare, on a weekly basis, a metro’s deaths and cases per 100,000 population and the foot traffic index. These charts, as well as other analysis, are available on the web.
Note: New York, NY metro – NJ reclassified about 1,900 probable deaths from COVID-19 on 6.25. These deaths are recorded in our data as a lump sum for week 26. Rhode Island appears to have reported a catch up number of deaths in week 28 and are recorded in our data as a lump sum for week 28.
Source: AEI Housing Center, USA Facts, and Safegraph.com.
Additional Information, MHProNews Commentary in Brief.
AEI’s Edward Pinto recently warned the nation that in the next 6 to 12 months there could be a crash in housing. That report is linked below.
The AEI recovery data should bring added focus and clarity for manufactured housing data which is anemic.
Further insights are available on the lack of more growth in manufactured housing, based upon the report linked below.
Additional related and recent reports are as follows.
Related, Recent, and Read Hot Reports
Manufactured Housing Industry Investments Connected Closing Equities Tickers
Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.
- NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
- NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
MHProNews. MHProNews – previously a.k.a. MHMSM.com – has celebrated our 11th year of publishing, and is starting our 12the year of serving the industry as the runaway most-read trade media.
Sample Kudos over the years…
Learn more about our evolutionary journey as the industry’s leading trade media, at the report linked below.
· For expert manufactured housing business development or other professional services, click here.
· To sign up in seconds for our industry leading emailed headline news updates, click here.
Disclosure. MHProNews holds no positions in the stocks in this report.
That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHLivingNews.com.
Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position, and may or may not reflect the views of sponsors or supporters.