Ah construction or, more to the point, lack of, via the AIG:
Look at employment and new orders:
If we break new orders down it is fugly:
Houses, apartments, offices, bridges and roads all going bust at once. A universal building bust that we warned about for a year yet here we are.
Unemployment is going higher, rates are going lower and QE is coming.
- Bill Evans: “Substantial falls ahead for house prices” - August 14, 2020
- Andrews is a disaster but Morrison is a catastrophe - August 10, 2020
- US jobs preview - August 7, 2020