U.S. Economic Indicators

Existing home sales jumped 20.7% to a seasonally adjusted annual rate of 4.72 million in June but were down 11.3% compared to a year ago. Home sales increased in all four major regions, with the West experiencing the greatest sales recovery. NAR Report

U.S. News

The New York Times reports that although the pandemic has prompted many companies to shift supply chains away from China, they aren’t necessarily moving production back to the United States. Production and labor costs remain much cheaper in countries such as Vietnam and Mexico, and the economic hit from the pandemic has manufacturers hesitant to invest in new American factories. NYT

The Wall Street Journal reports that more U.S. retailers have already filed for chapter 11 bankruptcy thus far in 2020 than all of last year, underscoring the financial hardship caused by the coronavirus pandemic. Even retailers considered relatively healthy before the pandemic have been forced to adopt numerous measures to try and stay afloat, including obtaining additional debt, pivoting to e-commerce, reducing workforces, and delaying rent payments. WSJ