Posted in improvements

Some Wealth Gap Improvements Were Happening, Then the Recession Hit

It is no secret that there is a wealth gap in America. Many nations have these wealth gaps among different races and ethnicities, but they are more easily tracked in the most developed economy in the world. Before considering the impact of the 2020 recession, there was some good news and some bad news in the wealth gap and disparities among different races in America.

The Federal Reserve has released its 2019 Survey of Consumer Finances. While the broad report is vast and covers many topics, the Fed also broke down how those wealth disparities look by race and ethnicity. Since the most recent similar report in 2016, the Fed indicated that the typical white family has about eight times the wealth of the typical Black family and about five times the wealth of the typical Hispanic family.



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The Fed indicated that median wealth

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Posted in home

New home sales surge to highest level since before the Great Recession

The numbers: Sales of new single-family homes in August exceeded an annual rate of 1 million for the first time since 2006, as buyers were forced into the market for newly-constructed properties thanks to the dearth of home listings.

New home sales occurred at a seasonally-adjusted, annual rate of 1.011 million, the Census Bureau reported Thursday. That represents a 4.8% increase from an upwardly-revised pace of 965,000 homes in July. Compared with last year, new home sales are up 43%.

Economists polled by MarketWatch had expected home sales to drop to median pace of 900,000.

What happened: Not all parts of the country saw an uptick in sales despite the historically high rate nationally. New home sales fell 21.4% in the Midwest and 1.7% in the West. Comparatively, the South saw the biggest increase in sales with a 13.4% jump, while sales volumes rose by 5% in the Northeast.

The

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Posted in home

New home sales surge to highest level since before the Great Recession, as buyers are pushed into the construction market

The numbers: Sales of new single-family homes in August exceeded an annual rate of 1 million for the first time since 2006, as buyers were forced into the market for newly-constructed properties thanks to the dearth of home listings.

New home sales occurred at a seasonally-adjusted, annual rate of 1.011 million, the Census Bureau reported Thursday. That represents a 4.8% increase from an upwardly-revised pace of 965,000 homes in July. Compared with last year, new home sales are up 43%.

Economists polled by MarketWatch had expected home sales to drop to median pace of 900,000.

What happened: Not all parts of the country saw an uptick in sales despite the historically high rate nationally. New home sales fell 21.4% in the Midwest and 1.7%. Comparatively, the South saw the biggest increase in sales with a 13.4%, which sales volumes rose by 5% in the Northeast.

The median sales price in

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Continue Reading New home sales surge to highest level since before the Great Recession, as buyers are pushed into the construction market
Posted in contractions

Japan petrochemical exports shrinking; economy deep in recession

SINGAPORE (ICIS)–Japan’s export volumes of key
petrochemicals have shrunk in the first seven
months of 2020, with external demand likely to
stay muted, as the world’s third-biggest
economy wallows in deep recession amid the
pandemic.

Its shipments of benzene, ethylene and
propylene abroad have logged steep contractions
in January-July 2020, according to ICIS Demand
and Supply Database.

Japan export volume (in
tonnes)

Product Jan-July ’20 Jan-July ’19 % change
Benzene 254,654 390,025 -34.7
Ethylene 356,557 451,560 -21.0
Propylene 442,147 553,148 -20.1

2020 Quarterly breakdown

Product Q1 Q2 H1 Total H1 Yr-on-yr % change
Benzene       
121,146
      
104,718
      
225,864
-30.7
Ethylene       
163,179
      
153,241
      
316,420
-15.5
Propylene       
177,228
      
196,865
      
374,093
-20.7

Source: ICIS Supply and Demand
Database

Japan, which is the world’s third-biggest
economy, is export-oriented like most of Asia,
with cars – a key downstream market for
petrochemicals – as its major export product.

Initial August data showed continued sharp
contractions in

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