Inflation Threatens and Evictions Loom

Two major issues dominated the news in late July: Inflation – whether it is, is not a problem or is likely to be one; and the prospect that millions of renters would be evicted from their homes as a federal moratorium barring evictions for nonpayment of rent expired. 

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If home sales alone were an indicator of economic health, you might conclude that the economy has rebounded smartly from the pandemic-induced recession and is on a path for steady growth. 

If timing is everything, the June employment report is a lot less encouraging than it appeared to be. 

The COVID pandemic has created a cluttered and confusing financial landscape.  It’s hard to know where to look or how to interpret what you see.  Consider the housing market.

 Economists often miss the mark, but they rarely miss it by as much as they did with their employment forecasts for June.

The consensus forecast anticipated a loss of more than 7 million jobs on top of the stomach-churning 20.5 million positions shed in April.  Instead, employers added more than 2.5 million jobs, reducing the unemployment rate to 13.3 percent, down from April’s 14.7 percent and well below the 19 percent rate analysts had feared.