The sheer magnitude of the moves in many #economic #data points in recent months has overshadowed the nuances of those reports. For instance, the June @ism non-manufacturing index came in at 57.1 yesterday, a record 11.7-point gain and 7.1 points greater than expectations.
And when we look at the #ISM survey report of #commodity prices and what’s in short supply, there are many items that aren’t surprising: cleaning products, disinfectants and hand sanitizer are all up in #price and in short #supply.
Much more interesting, however, is the fact that #labor for #construction and subcontractors is back to being cited as in short #supply…
But perhaps that also shouldn’t be surprising, given the more than 600,000 construction jobs gained in May/June and the fact that construction sector average-hourly-earnings was one on only two #labor sectors (of 14) to display positive month-on-month #wage growth in both months.
The fact is that #housing is a highly #InterestRate-sensitive sector, and the #coronavirus #pandemic and attendant increases in work-from-home arrangements are allowing for increased mobility at the margins.
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