U.S. Economic Indicators

New home sales increased 13.8% in June to a seasonally adjusted annual rate of 776,000 and were up 6.9% from year-ago levels. The median sales prices rose to $329,200 and the inventory of new homes declined to 4.7 months at the current sales rate. Census Bureau Report

U.S. News

The Washington Post reports that workers around the country are experiencing a second round of layoffs as Paycheck Protection Program (PPP) loan money runs out while the pandemic rages on. Although PPP loans are estimated to have saved between 1.5 million and 3.5 million jobs up to this point, economic conditions have not recovered sufficiently for many companies to continue operating once PPP funds run out. WaPo

Bloomberg reports that the phase-one U.S.-China trade deal agreed to earlier this year has come under intense pressure recently as tensions mount over the coronavirus pandemic and the closing of China’s consulate in Houston. Analysts note that both countries should have a strong incentive to stick to the deal to avoid threatening their respective economic recoveries. Bloomberg