The 2020 data dwarfs the so-called Great Recession of 2008-2009 that was sparked by the housing/finance meltdown largely sparked by so-called “liar-loans” and various types of subprime financing arrangements.
Less than 90 days ago, COVID19 was on people’s radar, but federal public health officials like the now-well-known Dr. Anthony Fauci were telling Americans that there was not much to worry about. Left of center USA Today reported on February 17, 2020 that “Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases” called the risk from COVID19 “minuscule.”
How things have changed.
From record high employment in the early weeks of 2020 to record unemployment on May 14, 2020. This is the environment that manufactured housing professionals are striving to navigate.
Since much of the data further below is focused on workers that are the ‘bread and butter’ of manufactured housing, that Federal Reserve information via CNBC will be our featured focus this evening.
Tonight’s ‘featured focus’ will follow our signature business-daily left-right media headlines, business nightly thought-provoking fare, and our standard market graphic snapshots. Note to our growing numbers of new readers: manufactured housing industry connected equities are found beyond the featured focus and the related reports.
Quotes That Shed Light…
Headlines from left-of-center CNN Business
- Who’s getting hurt
- Nearly 40% of low-income workers lost their jobs in March
- After years without turning a profit, Tesla is now poised to be a powerhouse
- ANALYSIS What happened to Elon Musk?
- Tesla factory worker: Elon Musk doesn’t have workers’ best interests at heart
- Another 3 million Americans file for unemployment benefits
- Here’s how Netflix, Clorox and other stocks have performed during the pandemic
- Workers with disabilities are especially hard hit in the coronavirus economy
- Former Volvo CEO: American businesses are letting down their workers
- These small business owners got PPP loans, but they’re afraid to use the money
- Blue Apron rebound may be on menu as more cook at home
- Grocery prices are soaring. Here’s what’s getting more expensive
- Welcome to your new, post-pandemic office
- Retirement-disrupting startup raises $51M
- A JC Penney store in midtown Manhattan, May 6, 2020.
- JCPenney gives executives bonuses ahead of deadline for possible bankruptcy filing
- Momofuku permanently closes two restaurants
- Face masks and mandatory selfies for drivers: How Uber rides are about to change
- AROUND THE WORLD
- BRISBANE, AUSTRALIA – APRIL 21: Grounded Virgin planes are seen parked on a tarmac at Brisbane Airport on April 21, 2020 in Brisbane, Australia. Australia's second largest airline Virgin Australia is set to go into voluntary administration as the company has been struggling due to the coronavirus (COVID-19) crisis. Virgin is carrying about $5 billion in debt and up to 16,000 jobs could be at stake if the airline folds.
- Virgin Australia still needs a buyer. A local government is making a bid
- France passes controversial hate speech law
- India commits $266 billion to protect economy
- The NBA has a new CEO in China
- Japan’s central bank gets its first woman executive director
- AN INDUSTRY IN TROUBLE
- A picture taken on May 13, 2020 through a window shows travel brochures inside a closed branch of the travel firm TUI in Berlin amid the Covid-19 corona virus pandemic. – Tui, the worlds largets travel operator said it would be reopening selected hotels in Germany “in the coming days,” with its operations in other European destinations also ready to welcome holidaymakers, but announced that up to 8,000 jobs would go as it strives to cut costs by 30% in a major restructuring despite being bolstered by a 1.8bn state-backed loan in Germany.
- World’s biggest tour operator rethinks the future of tourism
- 2020 is a catastrophe for tourism businesses
- Ryanair hopes to operate 1,000 flights a day in July
- World’s second-oldest airline files for bankruptcy
- Airlines say massive job cuts are inevitable
Headlines from right-of-center Fox Business
- Stocks soar in last minutes of wild day amid banking M&A talk, coronavirus vaccine progress
- The Dow ends higher after a 700 point swing.
- Trump: Coronavirus vaccine could come by end of the year
- MTA to get $3.8B in coronavirus aid, Cuomo says Trump ‘cut red tape’ to send NY
- United Airlines violated $5B coronavirus aid agreement: Lawsuit
- United Airlines violated $5B coronavirus aid agreement: Lawsuit
- EXCLUSIVE: China’s $1.6T century-old debt gives Trump leverage against Beijing
- Trump to Bartiromo: US could ‘cut off’ China relationship and ‘save $500 billion’
- ‘Papa John’ Schnatter: 3 traits small businesses will need to survive this crisis
- WEATHERING THE STORM
- Cities with lowest unemployment rates
- A SHORE SIGN
- New Jersey reopens a huge tourist attraction just before Memorial Day
- RENT ON BROADWAY
- Coronavirus-hit NYC could see rent cuts as apartment rentals plummet
- MORE THAN MICKEY MASKS
- Disney World, union reach coronavirus protections deal: Report
- EXPENSIVE GLITCH
- Problem prevents some from getting relief check; fix could be months off
- PERKS OF STARDOM
- Why LeBron, Curry won’t face NBA coronavirus pay cuts tomorrow
- NO LAWN, ELON?
- SEE PICS: Musk appears to put more properties up for sale after making vow
- PITCHER THROWS CURVE
- ‘Risk is through the roof’: MLB star says he won’t play if salary gets cut
- SLEEP EASY
- New Department of Transportation rules a big win for truckers
- FIRST TRILLIONAIRE?
- JEFF BEZOS
- Could Jeff Bezos become a trillionaire?
- ROUGH SEAS AHEAD
- Carnival announces coronavirus layoffs, furloughs, salary reductions
- TIME TO CASH IN?
- PERSONAL FINANCE
- 3 great reasons to take Social Security benefits at 62
- MORE DISTANCE THAN LEARNING
- Some US schools are pulling the plug on distance learning
- BATTLING HEADWINDS
- Southwest CEO: ‘Radical restructuring’ coming if demand doesn’t take off soon
- SUPPLY AND DEMAND
- City demands more outdoor food and drink sales amid summer of coronavirus
- As coronavirus restrictions ease, OpenTable offers reservations to ‘all drinking establishments globally’
- Former UAW president pleads not guilty to embezzlement charges
- Ikea parent company reportedly planning to expand with new malls in the US
- Why the fed is shutting down Trump’s dreams of a negative interest rate
- Hundreds protest coronavirus stay-at-home order at Michigan capitol
- Summer camp canceled because of coronavirus? What parents need to know
- Michigan barber Karl Manke defies coronavirus lockdown: ‘I’ll be here until Jesus comes’
- Banks prep for small biz loan forgiveness as pols finalize roadmap
- Burr steps aside as Intelligence Committee chairman amid stock sale investigation
- Steve Moore: Here’s what the Dems’ reckless $3T package is really all about
- These 4 personal finance fundamentals are critical as the economy starts up again
- Trump to Bartiromo: Payroll tax just ‘one of the taxes’ I want to see cut
- PERSONAL FINANCE
- How more Americans are paying for food
- EXCLUSIVE: Top Wall Street banks consider relocating out of New York City
- Kroger announces change to coronavirus ‘hero pay,’ sparking backlash
- Unique payout Alaskans get from oil wealth could be at risk
- 7-Eleven offers ready-to-bake food for housebound consumers
- Sanofi CEO: Coronavirus vaccine should reach all regions
- These popular retailers are reopening online sales, but there’s a catch
- PERSONAL FINANCE
- Need more coronavirus financial aid? Why you may want to ask your auto lender
- This company is reducing prices on popular meat products as grocery costs soar
- How many more Americans filed for unemployment last week
10 Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…
Featured Focus – Where Business, Politics and Investing Can Meet
Labor Department and Federal Reserve data reported by left-of-center CNBC is as follows.
- The U.S. unemployment rate hit 14.7% in April, the highest level since the Great Depression.
- Households with income below $40,000 were hit hardest by the coronavirus pandemic. Almost 40% were laid off or furloughed by early April, according to the Federal Reserve.
- Just 13% of households with income over $100,000 reported an employment disruption.
- Nearly 40% of lower-income Americans lost work as the coronavirus pandemic began its assault on the U.S. economy, according to the Federal Reserve.
- One in 5 adults who were working in February reported being laid off or furloughed in March or early April, according to a Fed reportpublished Thursday. (A furlough is a temporary layoff.)
- However, the economic downturn disproportionately affected lower-income Americans.
- Thirty-nine percent of people with a household income below $40,000 lost work over that period, according to the report, an annual survey of U.S. household finances.
- Conversely, that was true for just 19% of Americans with a household income between $40,000 and $100,000, according to a Fed spokesperson.
- For those with an income exceeding $100,000, the disparity was even greater: Only 13% lost work.
- This data doesn’t capture the millions of Americans who have lost their jobs since early April.
- More than 36 million Americans have applied for unemployment benefits over the past two months.
- The unemployment rate soared to 14.7%in April, according to the Bureau of Labor Statistics. That’s the highest level since the Great Depression, when the unemployment rate is estimated to have exceeded 20%.
- The leisure and hospitality industry, which pays the lowest average hourly wage compared with other industries, has experienced the most layoffs compared with other sectors of the economy, according to Bureau of Labor Statistics data.
- Employment loss has substantially impacted the financial well-being of families, according to the Fed.
- Among those who lost a job or had their hours reduced, 70% reported an income decline, impacting their ability to pay bills.
- Only 64% of those with a job loss or reduction in hours expected to be able to pay their bills in full in April, compared with 85% of those without an employment disruption, according to the Fed.
MHProNews Analysis in Brief
While manufactured housing is widely – and importantly – is seen as an important workforce housing option, the pandemic reveals why there is wisdom in reaching up to more affluent buyers too.
That can be done within the context of the vast majority of HUD Code manufactured homes, without the arguably harmful effects of the MHI backed ‘new class’ of manufactured homes’ oddly named by Clayton and MHI as “CrossModTM” homes.
The longer term and 2018-2019 data doesn’t lie. There is a need for a shakeup, not more of the same.
See the related reports for more.
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 tenth anniversary and is in year 11 of publishing.
Learn more about our evolutionary journey as the industry’s leading trade media, at the report linked below.
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Disclosure. MHProNews holds no positions in the stocks in this report.https://www.manufacturedhomepronews.com/2019-year-end-totals-reveals-decline-in-new-hud-code-manufactured-home-production-shipments/
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.
http://latonykovach.com Connect on LinkedIn: http://www.linkedin.com/in/latonykovach
AEI Flash Housing Market Indicators