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Warren Buffett of Berkshire Hathaway, $BRK.B, turns 94 today. He said famously: to be fearful when others are greedy and to be greedy only when others are fearful. Do you agree?
Traders see the US Fed delivering 25 bps cut in Sept, 100 bps by year-end, per Reuters.
Intel, $INTC, is working with investment bankers and considering various options such as separating its flagship product business from its money-losing manufacturing unit, per Bloomberg. Intel is also discussing potentially scrapping some factory projects, the report said.
A shortage of young men in the workforce could weigh on housing, Social Security, and growth for years to come, per BI. Around 7.2 million men have dropped out of the workforce completely, per BI.
Active home listings rose a record 13.7% year over year in July, according to a report from Redfin. That increase is mostly due to a record 59,000 canceled home-purchase agreements during the month, accounting for 15.8% of all homes under contract.
In the second quarter of this year investors snapped up over 22% of single family homes for sale in Las Vegas and Los Angeles, per Redfin and MorePerfectUnion. They bought over 23% in San Diego. In Miami that number was 29%.
Housing supply is surging as a record number of buyers get cold feet amid sky-high prices, per Redfin. US housing supply rose a record 14% in July.
4.4% of Americas expect to lose their jobs in the near future, per FORTUNE. To put that into context, the only other time it’s ever hit 4% was when the pandemic struck in March 2020.
The share of male college graduates participating in the workforce has declined in the past year, with 1 in 5 under the age of 25 neither employed nor actively looking for work, per Bloomberg.
It is getting harder to find a job in the US, per Piper Sandler. The number of people looking for jobs in the U.S. is "likely swelling due to mounting financial stress, with excess savings gone, and credit both hard-to-get, and costly," Piper Sandler says.
Home prices in Florida have increased 67% since 2020 and homeowners insurance was up 42% last year, per NBC.
JUSTI N: A record number of buyers backed out of purchase deals in July due to high costs and economic worries, per Redfin.
U.S PCE price index (MoM) (July) actual: 0.2% vs 0.1% previous; est 0.2%
Workers won't accept less than $81,000 for a new job right now, per a New York Fed survey.
Change in county-level home prices since each county's respective peak in 2022
80% of residential real estate investors invest in more than one type of residential real estate investment, including traditional long-term rentals (51%), buying for future development (45%), house-flipping (42%), and short-term or vacation rentals (40%), per Clever Real Estate
BREAKING: The number of 401(k) millionaires has hit an all-time high, per Fidelity.
Nearly half of Gen Z relies on family financial help, as they face higher daily expenses and lower wages adjusted for inflation compared to their parents, per Bank of America.
34% of parents plan to take on debt for back to school shopping, with one-in-six (16%) planning to take on up to $1,000 in debt, per Credit Karma.
Business majors anticipate earnings of $98,113 one year after graduation, while the average starting salary sits at $50,200, per Banktrate.