1) With the expiration of the stimulus bill, there are now 40 million Americans who are at risk of eviction unless the new stimulus bill is passed. This means the threat of eviction by the end of this year. Forty-three percent of renter households are facing eviction. This will result in homelessness and negative health outcomes, greater unemployment, educational decline and long term harm for renters, property owners and communities. Renters in the southern part of the country face the highest risk of eviction, with Mississippi the highest at 58% followed by Louisiana at 56%.
2) The sheltering in place, because of the pandemic, has brought a boom to the home remodeling market. Now unable to go out people are looking to make improvements to their homes, both inside and out, to make them more comfortable. Home improvements have shot up 58% since the stay at home orders started, with the outdoors improvement the most. New swimming pools and spas are now three times as many as they were last year. With most people now cooking at home, demand for decks, patios and barbeques are also in high demand.
3) Restaurant Brands International, the holding company for Burger King, Tim Hortons and Popeyes restaurants is planning to close hundreds of locations this year. These are restaurants deemed to be underperforming, and closing outlets is a measure usually taken to curb cash outflow. No words on which restaurants might be close or even what country they are in. The closings will balance out the new openings for this year, for a net zero count of closures. RBI is still the process of researching which restaurants are unprofitable and need to be closed with the aim of making the company stronger financially, but closures are expected to start in the second half of 2020.
4) Stock market closings for – 7 AUG 20:
Dow 27,433.48 up 46.50
Nasdaq 11,010.98 down 97.09
S&P 500 3,351.28 up
10 Year Yield: up at 0.56%
Oil: down at $41.60