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Labor sales

The Best Labor Day Sales You Can Shop Now, In Every Category – Forbes

With Labor Day finally upon us, now’s the time to take advantage of some of the best deals and steepest discounts you’ll get all year. Whether you need to update your wardrobe, upgrade your mattress or invest in some new patio furniture before summer is officially over, the best Labor Day sales cover every category and have it all.

You’ll find home, clothing, tech, and beauty sales galore this year. Noteworthy deals include big savings on mattresses from brands like PlushBeds, Helix, and Idle Sleep, clothing sales to refresh your wardrobe from brands like Naadam and Ably Apparel, and home appliance sales from Samsung and Home Depot. No matter what you’re looking for, there’s a good chance you can find it on sale this Labor Day.

MORE FROM FORBESLabor Day Sales 2020: Everything You Need To Know About Labor Day DealsBy Ciannah Gin

Below, we’ve collected the best Labor Day sales you can shop in every category, from discounts on popular tech items, like TVs and laptops, to the biggest furniture and home decor sales, plus lots more.

Take advantage of these great deals now, but be sure to check back this week to see which Labor Day sales are still on past the holiday.


The Best Labor Day Sales 2020 For Furniture & Home Decor

helix midnight mattress

Helix Sleep

Helix: Get two free dream pillows as well as ladder savings during Helix’s Labor Day sale — use code FORBES100 for $100 off orders of $600 or more, FORBES150 for $150 off orders $1,250 or more, and FORBES200 for $200 off orders of $1,750 or more.

Birch Living: Now until September 13, take $200 off any Birch mattress with code FORBES200.

Nectar: Get $399-worth of accessories with every mattress purchase.

Saatva: Starting August 25 and continuing through September 7, take $200 off purchases of $1000 or more.

Brooklyn Bedding: Take 25% off sitewide and 50% off sheets now through September 7.

RV Mattresses by Brooklyn Bedding: Take 25% off sitewide using code LABOR25.

Bear Mattress: Use code FORBES20 to take 20% off your purchase now through September 7.

PlushBeds: Use code LABOR2020 now through September 7 to take $1,200 off all organic mattresses and 25% off toppers, bedding and furniture.

Tempur-Pedic: Save up to $500 on select adjustable bases and mattress sets.

Loom & Leaf: Now through September 7, take $200 off orders over $1000.

Brooklinen: Use code LABORDAY-15 to take 15% off your purchase.

Eight Sleep: Now through September 7, take $150 off the Pod mattress and take 20% off accessories.

Abbio Kitchen: Use code COOKOUT15 now through September 8 to take 15% off online orders from the direct-to-consumer kitchenware brand.

Casper: Take 15% off mattresses and 10% off sitewide.

Saatchi Art: Use code LABORDAY20 to take 20% off framed limited-edition prints; ENDOFSUMMER15 to take 15% off original art purchases of $1000 or more and ENDOFSUMMER10 to take 10% off all other original art from September 3 through September 8.

Nolah: Use code Forbes15 for 15% off your order.

Wayfair: The online furniture and home goods giant is offering up to 70% off on outdoor furniture, wall art, mattresses and more during its Labor Day Sale beginning on August 31 and continuing through September 8. In the meantime, you can shop its outdoor clearance.

abc Home & Carpet labor day

abc Home & Carpet

Primary Goods: Take 25% off with code WERK.

Leesa: Take up to $400 off select mattresses.

Society6: Take 30% off sitewide from August 31 through September 7.

Allswell: Use code FORBES15 to take 15% off Allswell’s Luxe and Supreme mattresses as well as 20% off adult bedding, and bath and spa items with code PERFECTROOM now through September 8.

Joss & Main: Use code TAKE15 from September 1 through September 8 to take an extra 15% off.

Purple: Take up to $350 off mattresses and sleep bundles.

Naturepedic: Take 10% off sitewide.

RiLEY Home: Use code SUMMERLINEN20 to take 20% off linen bedding and code LASTCHANCE10 to take an extra 10% off clearance items now through September 7.

Amerisleep: Get two free pillows and take 30% off any mattress now through September 7.

Design Within Reach: Save up to 15% on select items now through September 7.

Boll & Branch: Now through September 8, use code code COZY20 to get a free comfort essentials kit with any purchase of $250 or more.

Sur La Table: Now through September 7, take up to 50% select items.

Idle Sleep: Purchase any mattress and take 35% off sitewide with code FORBES35.

Zoma: Take $150 off any mattress with code LD150 and use code LD20 to take 20% off pillows.

Overstock: Take up to 70% off select items during Overstock’s Labor Day Blowout.

abc Carpet & Home: From September 2 through September 7, use code laborday to take 20% off purchases of $100 or more, 25% off purchases of $500 or more, and 30% off purchases of $1,500 and more.

Boll & Branch: Use code COZY20 to get a Comfort Essentials Kit with orders of $250 or more.

Etsy: Participating retailers in Etsy’s Labor Day Weekend Sales Event will be offering discounts of 20% or more from September 4 through September 9.

Nest Bedding: Use code NESTLOVE to take 20% off sitewide from September 3 through 14.

Haven: Purchase any mattress and take 35% off sitewide with code FORBES35.

Crate & Barrel: Now through September 9, take up to 20% off sofas, chairs, beds and more during Crate & Barrel’s Upholstery Event sale.


The Best Labor Day Sales 2020 For Electronics & Appliances

GE Appliances Home Depot

Home Depot

NutriBullet: Use code LABOR20 to take 20% off sitewide from September 4 through September 7.

Home Depot: Save up to 40% off appliances, tools and other home goods.

Dyson: Take up to $100 off select Dyson technology through September 12.

Best Buy: Shop deals in every category from large appliances to video games.

Samsung: Some of Samsung’s newest home appliances like cooking ranges with built-in air fryer mode are on sale this Labor Day as well as other home appliances.

Molekule: Now through September 9, take $100 off the Molekule Air, $60 off the Molekule Air Mini+, and $50 off the Molekule Air Mini.

Lowe’s: Save up to 40% off on appliances, flooring, home decor, tools and more.

Lenovo: Save up to $1,249 on Labor Day doorbusters including laptops, monitors and other tech accessories.

HP: Expect savings on laptops, monitors, and more.


The Best Labor Day Sales 2020 for Clothing & Accessories

Good American labor day sale

Good American

Splendid: Use code LONGWEEKEND to take 40% off almost everything sitewide.

GlassesUSA.com: Now through September 12, use code LABOR65 to take 65% off frames and get free shipping or code LABOR25 to take 25% off premium frames.

Madewell: Now through September 9, use code HIFALL to take up to 50% off.

Inhabit: Save up to 70% during Inhabit’s Labor Day sale from September 1 through September 7.

Rhone: Now through September 8, take 50% off select items.

Bandier: Save up to 80% on select sale items now through September 7.

Ably Apparel: From September 2 through September 9, take up to 60% off fall styles from Ably Apparel’s collection of water, stain, and odor-resistant apparel.

Mansur Gavriel: Take up to 70% off during Mansur Gavriel’s End of Summer Sale.

Frankie’s Bikinis: Use code LDW20 now through September 6 to take 20% off sitewide.

Good American: Take an additional 50% off sale items from September 3 through September 7.

Eloquii: Take 60% off sitewide from September 2 through September 6.

Warp + Weft: Use code LABORDAY40 to take an extra 40% off.

Koral: From September 4 through September 8, use code KORE30 to take 30% off items in the Koral Kore collection.

Need Supply: Take up to 80% off independent and emerging designers (like Rachel Comey and Ganni) as part of the Richmond-based boutiques ongoing sale.

Rhone Labor Day sale

Rhone

Levi’s: Take up to 40% off sitewide as well as an extra 30% off sale styles with code EXTRA30.

Ted Baker: From September 1 through September 13, take an extra 20% off sale styles.

Alo Yoga: Take up to 60% off select sale styles.

Naadam: Now through September 7, take up to 60% off on end-of-season apparel.

Nike: Take up to 40% off select sales items as part of Nike’s ongoing sale.

Totokaelo: Take up to 80% off select Avant-Garde designer items as part of the site’s sale.

Vince: Use code SEPTEMBER40 to take an additional 40% off select items as part of the Vince Vault Sale.

Men’s Wearhouse: Take 30% off shoes and an extra 30% off clearance items from September 3 through September 7.

Kendra Scott: Now through September 8, take 20% off everything sitewide.

Frame: Take 30% off markdowns and summer best-sellers.

Onzie: Take 25% off sitewide September 6 and 7.

Hanky Panky: The lingerie brand is offering 70% off its signature styles sitewide from September 2 through September 8.

J.Crew: Use code BYESUMMER to take an extra 70% off sale styles.

Macy’s: Take up to 60% off select items.

Donni: Take 35% off sitewide from September 3 through September 7.


The Best Labor Day Sales 2020 For Beauty & Grooming

Cover FX labor day

Cover FX

Olay: Use code OLAY50 to take 50% off clearance from September 4 through September 8.

Winky Lux: From September 4 through September 7, spin a virtual wheel to win one of six prizes including 20% off your order and free shipping.

Cover FX: Use code HEYFALL to take 20% off sitewide from September 2 through September 8.

Skyn Iceland: Now through September 8, take $25 off orders of $100 or more.

Ulta: Ulta’s 21 Days Of Beauty sale runs from August 31 through September 19 this year. Each day of the sale, you can save up to 50% off select products from select popular brands.

Credo: Now through September 7, or while supplies last, get a free seven-piece gift with any purchase of $125 or more.

Elizabeth Arden: Enjoy seven complimentary gifts with any purchase over $75 using code GIFTS. Stock up on skincare essentials and receive favorites like the Retinol Ceramide Night Serum, the Moisturizing Shield SPF, and the Daily Youth Restoring Serum with your purchase.

SkinStore: From August 25 through September 9, use code LABOR to take 25% off sitewide.

Sephora: Take up to 50% off select items.

MORE FROM FORBESAll The Best Furniture Sales Happening For Labor Day 2020By Cory Baldwin

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Labor sales

The 22 Best Labor Day Sales (2020): Tech, Laptops, Phones, Outdoors, Etc – WIRED

Labor Day sales are the harbingers of the holiday shopping season. This year may be different in many ways, but the onslaught of autumn deals have begun on cue. Below are the best price drops on our favorite gear.

We also have specific roundups for outdoor gear and mattresses, which are two categories where Labor Day sales can outshine even those of Black Friday and Cyber Monday.

Finally, we may be biased, but through Labor Day, you can get one full year of WIRED for $5 ($25 off). Subscriptions also help support the work we do every day. Have a good weekend!

If you buy something using links in our stories, we may earn a commission. This helps support our journalism. Learn more.

Tech Deals

The Samsung Galaxy S20 Plus in “Cloud Blue.”Photograph: Samsung 
  • Samsung Galaxy Tab 6 Lite Tablet for $278 ($72 off): This is the best price we’ve seen for Samsung’s handy little tablet. The S Pen is included. For those who don’t want an iPad, senior associate editor Julian Chokkattu called this “a decent alternative” in his in-depth review.

  • Samsung Galaxy Buds+ Wirefree Earbuds for $130 ($20 off): It may not seem like a steep discount, but this matches the best price we’ve seen, and it’s only happened once before. WIRED recommends these earbuds, despite the lack of active noise canceling, and the price is valid on every available color. (Including that gorgeous Cloud Blue.)

  • Samsung Galaxy S20 for $850 ($150 off): This 2020 phone is truly beautiful, and it comes in colorways that match the aforementioned Buds+. In our review, we said it was nearly flawless, with one of the only detractions being the price. While still expensive, this is the best deal we’ve seen since springtime. You might be able to save again as we get closer to the holidays, but if you don’t want to wait, this deal is worthwhile.

Outdoor Deals

Folding KayakPhotograph: IDEO-Nicolas Zurcher

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Online sales

Best Buy says online sales in U.S. surged 242% in second quarter, but shares slide as gains may be short-lived – CNBC

People wearing masks walk past a large face mask sign in front of a Best Buy near Columbus Circle that as the city enters Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus in New York City.

Alexi Rosenfeld | Getty Images

Best Buy on Tuesday reported strong second-quarter sales growth, helped by its biggest quarterly increase in online sales ever, as customers bought computers, kitchen appliances and other tech to help them work, cook and attend school at home during the coronavirus pandemic.

Online sales shot up 242% in the U.S. compared with the prior year, as the website drew higher traffic and more people converted from browsing to buying.

Sales at stores open at least a year grew by 5.8%, higher than the 2.3% that Wall Street expected. That same-store sales growth was its highest in two years, even though its stores were open by appointment only for the first six weeks of the quarter.

However, shares of the company were down more than 6% Tuesday morning, as the company declined to provide an outlook for its future results.

Nearly every merchandise category grew during the second quarter, with computing, tablets and appliances fueling sales. Receipts were down for mobile phones and flat with home theater.

“Everything that people are doing right now is on the back of technology in their home, and it completely underscores our purpose and our philosophy,” CEO Corie Barry said on an earnings conference call. She said consumers are enriching their lives through technology. “We’re seeing it across basically every aspect of what we’re selling in our stores.”

Here’s what the company did in the fiscal second quarter ended Aug. 1:

  • Earnings per share: $1.71, adjusted, vs. $1.08 expected by Refinitiv’s consensus estimates
  • Revenue: $9.91 billion vs. $9.71 billion expected by Refinitiv estimates
  • Same-store sales growth: 5.8% vs. 2.3% expected by FactSet

Chief Financial Officer Matt Bilunas said in a news release he expected to see year-over-year sales growth in the third quarter but warned that growth wasn’t likely to continue at the same pace. He also cautioned that the retailer will have higher expenses as its stores are fully reopened.

“Overall, as we plan for the back half of the year, we continue to weigh many factors, including potential future government stimulus actions, the current shift in personal consumption expenditures from areas like travel and dining out, the possible depth and duration of the pandemic, the risk of higher unemployment over time, and the availability of inventory to match customer demand,” Bilunas said.

Inventory was limited in a number of categories because of higher-than-expected demand. Barry said that cut into sales growth.

Best Buy reported second-quarter net income of $432 million, or $1.65 per share, a significant increase from $238 million, or 89 cents per share, a year earlier.

Excluding items, it earned $1.71 per share, higher than the $1.08 per share expected by analysts surveyed by Refinitiv.

Revenue was $9.91 billion, up from $9.54 billion a year earlier, and higher than analysts expected.

Best Buy switched to a curbside-pickup-only model early in the pandemic, even though it could have kept stores open as an essential retailer. In early May, it began allowing customers to shop at stores by appointment only

Starting June 22, nearly all of its stores were open to shopping without an appointment and it resumed at-home consultations. It also brought back about half of the 51,000 workers furloughed in April.

With shoppers browsing in stores again, Barry said the retailer has seen positive trends. Sales of large appliances and home theater have picked up. She said in a news release that sales growth across the business was about 16% in the last seven weeks of the second quarter and in the first three weeks of the third quarter, sales were up about 20%.

Read the complete press release here.

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retail sales

Retail Sales In July Rise 1.2% To Pre-Pandemic Levels : Coronavirus Live Updates – NPR

A pedestrian walks by Saks Fifth Avenue as New York City continues relaxing more restrictions imposed to curb the coronavirus pandemic.

Cindy Ord/Getty Images


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A pedestrian walks by Saks Fifth Avenue as New York City continues relaxing more restrictions imposed to curb the coronavirus pandemic.

Cindy Ord/Getty Images

Retailers had placed much hope on a big midsummer shopping spurt, but July proved to be somewhat lackluster, amid renewed lockdowns and new waves of coronavirus cases. Retail sales grew only 1.2% last month compared to June.

Overall sales in July stayed above pre-pandemic levels. This followed a blockbuster June, when sales jumped 8.4% — marking the first month since the start of the pandemic when shoppers spent more than a year earlier, recovering from the historic wipeout in spring.

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In July, people bought a lot of electronics to stay entertained at home and appliances for home remodels, and finally slowed their run on exercise gear and outdoor equipment like kayaks and dumbbells. They also started shopping for clothes again, got into their cars for trips, stopping to fill up at gas stations, and cautiously went out to eat as more stores and restaurants reopened, the Commerce Department data showed Friday.

Tell Your Story: How Are You Coping In The Coronavirus Economy?

Retail sales — a measure including spending on gasoline, cars, food and drink — are a major part of the economy. The U.S. is slowly dragging out of the sharpest economic contraction in modern history, as parts of the country still report record spikes in coronavirus cases. Many locales have shuttered their businesses again and reimposed restrictions on public gatherings.

Here’s where people were spending in July, compared with a month earlier:

  • Electronics stores: +22.9%
  • Gas stations: +6.2%
  • Clothing and accessories stores: +5.7%
  • Restaurants and bars: +5%
  • Online retailers: +0.7%
  • Grocery stores: +0.4%
  • Department stores: +0.1%
  • Big-box stores: -0.2%
  • Home improvement and gardening stores: -2.9%
  • Sports, music and other hobby stores: -5%

Many restaurants, bars and stores continue to struggle to stay afloat — five months into the pandemic. Tens of millions remain jobless and the boosted unemployment checks, which spurred a wave of spending in May and June, expired at the end of July.

Online shopping has been the clear winner during the pandemic. Walmart, Amazon, grocery delivery company Instacart and scores of other online retailers have reported skyrocketing demand. Amazon, for one, doubled profits between April and June, netting $5.2 billion despite spending billions on coronavirus-related costs and hired almost 200,000 new workers.

Overall, demand for clothes had taken an especially big hit in the early months of the pandemic, tipping a growing list of major retailers into bankruptcy: department stores Stein Mart, J.C. Penney, Lord & Taylor and Neiman Marcus; men’s retailers Brooks Brothers and the parent company of Jos. A. Bank and Men’s Wearhouse; clothing chains J. Crew and parent company of Ann Taylor and Loft; and others.

“Time will tell, but the bottom line is that the economy is far from being out of the woods,” National Retail Federation Chief Economist Jack Kleinhenz wrote last week. “The question is whether it is re-entering the woods.”

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U.S. retail sales slow in July; obstacles mount for nascent economic recovery – Reuters

WASHINGTON (Reuters) – U.S. retail sales increased less than expected in July as consumers cut back on purchases of motor vehicles, and could slow further in the months ahead amid spiraling new COVID-19 infections and a reduction in unemployment benefit checks.

Despite the moderation in retail sales reported by the Commerce Department on Friday, sales have recouped losses suffered when businesses were shuttered to slow the spread of the coronavirus. The third straight monthly gain lifted retail sales to their highest level since the government started tracking the series in 1992. It supported the view that consumer spending would rebound this quarter after a record collapse in the second quarter.

Economists attributed the increase in retail sales over the past three months to a $600 weekly unemployment benefits supplement from the government, which amounted to almost $75 billion in July. The supplement ended on July 31, leaving economists to expect a decline in retail sales in August.

“It looks like the skies are darkening once again as the second-wave shutdowns clamp down harder on economic activity and the federal government stops sending $600 weekly checks to the unemployed,” said Chris Rupkey, chief economist at MUFG in New York. “The pandemic isn’t over yet and the recession won’t be either if Congress and the president can’t come to an agreement on how to best support the nascent recovery in a hurry.”

Retail sales rose 1.2% last month after advancing 8.4% in June. Economists polled by Reuters had forecast sales would rise 1.9% in July. Sales increased 2.7% from a year ago in July.

President Donald Trump on Saturday signed a number of executive orders, including one that extended the supplement, though he reduced the weekly payout to $400.

States are required to cover $100 of the benefits under the order, but they are under immense financial pressure due to the pandemic. The remaining $300 will be funded from a limited emergency disaster relief program, which economists estimated could be depleted as early as September.

A top White House advisor said this week that Trump’s plan would provide an extra $300 per week. Republicans and Democrats are bickering over new aid for the economy even as signs mount that activity is stalling as coronavirus infections continue to spread across the United States.

Job growth slowed in July. About 28.3 million people are on unemployment benefits.

FILE PHOTO: People visit the Destiny USA mall during the reopening, as the coronavirus disease (COVID-19) restrictions are eased, in Syracuse, New York, U.S., July 10, 2020. REUTERS/Maranie Staab

The slowdown in retail sales in July was led by a 1.2% decline in receipts at auto dealerships. That followed a 6.1% acceleration in June. Consumers also cut back spending at hobby, musical instrument and book stores as well as at building materials outlets.

STEADY SENTIMENT

Purchases at electronics and appliance stores soared 22.9% last month, likely reflecting strong demand as many Americans work from home.

Receipts at restaurants and bars increased 5.0%, though the pace slowed from the 26.7% notched in June. Online and mail-order retail sales rebounded 0.7%. Furniture store sales were flat. Receipts at clothing stores increased 5.7%.

Excluding automobiles, gasoline, building materials and food services, retail sales increased 1.4% in July after soaring 6.0% in June. These so-called core retail sales correspond most closely with the consumer spending component of the gross domestic product report.

Consumer spending collapsed at a 34.6% annualized pace in the second quarter. That led GDP to plunge at a 32.9% rate last quarter, the deepest decline in output since the government started keeping records in 1947.

A separate report from the University of Michigan on Friday showed consumer sentiment steady in mid-August, though consumers anticipated “bad economic times to persist not only in the year ahead” and many “expect no return to a period of uninterrupted growth over the next five years.”

Stocks on Wall Street were mixed in midday trading. The dollar .DXY was trading lower against a basket of currencies while prices of U.S. Treasuries rose.

“Providing further assistance to struggling households will be essential to keeping growth momentum from faltering,” said Lydia Boussour, a senior U.S. economist at Oxford Economics in New York. “This is even more critical as recent research have highlighted that low-income families have played a central role in driving the initial phase of the recovery in consumption.”

Slideshow (3 Images)

Though motor vehicle sales fell last month, manufacturers continued to ramp up production, boosting output at the nation’s factories, a third report from the Federal Reserve showed. Manufacturing production rose 3.4% in July after surging 7.4% in June. Still, the third straight monthly gain left factory output about 8% below its level in February.

“Excess capacity throughout the economy will weigh on production of investment goods,” said Gus Faucher, chief economist at PNC Financial in Pittsburg. “The biggest downside risk is a failure of Congress and the Trump administration to agree on a fiscal stimulus package that would support consumer demand during a period of very high unemployment.”

Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Paul Simao

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sales Spike

As US Gun Sales Spike, Remington Files For Bankruptcy – NPR

Bolt action rifles sit on display at the Remington Arms Co. booth at the National Rifle Association annual meeting in 2015 in Nashville, Tenn.

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Bolt action rifles sit on display at the Remington Arms Co. booth at the National Rifle Association annual meeting in 2015 in Nashville, Tenn.

Daniel Acker/Bloomberg via Getty Images

The Remington Arms Co. has filed for bankruptcy protection in federal court in Alabama as it seeks to restructure for the second time since 2018 amid ongoing legal and financial challenges.

The 204-year-old U.S. gun-maker, among the best-known brands of firearms, filed for Chapter 11 protection Monday at a time when heightened anxieties linked to the coronavirus pandemic, a slowing economy and ongoing national protests following George Floyd’s killing have led to record-high U.S. gun sales.

In fact, the FBI reported in June it conducted 3.9 million firearm background checks, a proxy for gun sales. That eclipsed the previous record in March of 3.7 million criminal checks to see if a gun could be legally possessed or purchased.

Amid Protests And Virus Fears, Firearm Background Checks Hit All-Time High

However, Remington’s challenges began long before the recent uptick in gun sales, and its bankruptcy filing appears to have come as talks with a potential buyer fizzled out in recent weeks.

The Wall Street Journal reported the gun-maker had been in “advanced talks” to sell to the Navajo Nation, but the talks collapsed.

According to court filings, Remington estimates it has between 1,000 and 5,000 creditors, and lists both its assets and liabilities as between $100 million and $500 million.

Remington’s previous bankruptcy filing came two years ago during a period of slumping gun sales. As NPR reported in 2018, firearms industry-watchers were observing a downturn they dubbed a “Trump slump” — a phenomenon in which sales fall dramatically during administrations perceived to be pro-gun.

Remington Declares Chapter 11 Amid 'Trump Slump' In Gun Sales

It was also a time when gun safety advocates ratcheted up pressure on retailers and investors to distance themselves from the industry following the 2018 Valentine’s Day shooting at a Parkland, Florida, high school in which 17 students and staff were killed.

A Supreme Court ruling in 2019 allowed families of those killed in the Sandy Hook Elementary School shooting in Newtown, Conn., to move forward with lawsuits against Remington. The families claim the company was liable in victims’ deaths as the manufacturer and marketer of the Bushmaster assault-style rifle used in the 2012 massacre that killed six adults and 20 children.

During its 2018 bankruptcy filing, Remington was allowed to shed $775 million in debt, The New York Times reported. As part of its restructuring, the business transferred ownership to former creditors, including Franklin Templeton Investments and J.P. Morgan Asset Management, according to the newspaper.

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U.S. new home sales shine in June; business activity picks up – Reuters

WASHINGTON (Reuters) – Sales of new U.S. single-family homes raced to a near 13-year high in June as the housing market outperforms the broader economy amid record low interest rates and migration from urban centers to lower-density areas because of the COVID-19 pandemic.

FILE PHOTO: A new home is seen under construction in Los Angeles, California, U.S. July 30, 2018. REUTERS/Lucy Nicholson

The upbeat report from the Commerce Department on Friday followed on the heels of data this month showing a surge in homebuilder confidence in July, and an acceleration in home construction and sales of previously owned houses in June.

The coronavirus crisis has led companies to allow employees to work from home. The emergence of home offices and schooling has fueled demand for spacious homes in small metro areas, rural markets and large metro suburbs. Housing market strength could help to shore up the retail sector as homeowners buy furniture, garden equipment and other supplies

“Housing has a strong immune system,” said Michelle Meyer, chief U.S. economist at Bank of America Securities in New York. “The shock disproportionately impacted the lower-income population who are less likely to be homeowners.”

New home sales rose 13.8% to a seasonally adjusted annual rate of 776,000 units last month, the highest level since July 2007. May’s sales pace was revised upward to 682,000 units from the previously reported 676,000 units.

New home sales have now recouped losses suffered when non-essential businesses were shuttered in mid-March to slow the spread of the respiratory illness. New home sales are counted at the signing of a contract, making them a leading housing market indicator.

Economists polled by Reuters had forecast new home sales, which account for about 14% of housing market sales, rising 4% to a 700,000-unit pace in June. New home sales accelerated 6.9% from a year ago in June.

But a resurgence in new COVID-19 infections, which has forced some authorities in the hard-hit South and West regions to either shut down businesses again or pause reopenings, could slow the housing market momentum.

In addition, the labor market recovery appears to have stalled, with the number of Americans claiming unemployment benefits rising last week for the first time in nearly four months. A staggering 31.8 million people were receiving unemployment checks in early July.

Job losses have disproportionately affected low-wage workers, which could explain why the housing market is doing much better than other sectors of the economy, which slipped into recession in February.

HISTORICALLY LOW MORTGAGES

Sky-rocketing coronavirus cases are casting a shadow over business activity, though output is stabilizing. A separate report on Friday from data firm IHS Markit showed its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, rose to a reading of 50.0 this month from 47.9 in June. The increase ended five straight monthly declines.

A reading above 50 indicates growth in private sector output. IHS Markit said some service providers were struggling with the reintroduction of lockdown measures. The survey’s flash composite new orders index slipped to a reading of 49.5 this month from 49.9 in June.

Stocks on Wall Street were trading lower as U.S.-China tensions and fears over mounting COVID-19 cases weighed on investor sentiment, erasing all gains for the benchmark S&P 500 index so far this week. The dollar slipped against a basket of currencies. U.S. Treasury prices fell.

Still, the fundamentals for housing, which accounts for just over 3% of economy, remain favorable. The 30-year fixed mortgage rate is averaging 3.01%, close to a 49-year low, according to data from mortgage finance agency Freddie Mac. There are more first-time buyers in the market, with the average age 47 years.

“This demographic is less likely to have been impacted by unemployment, will be more financially secure and have a better credit history versus younger members of the population who are more likely to work on lower wages in retail and hospitality,” said James Knightley, chief international economist at ING in New York.

“Older home buyers are also more likely to be looking for an investment property or a vacation home.”

In June, new home sales soared 89.7% in the Northeast and jumped 18% in the West. They increased 7.2% in the South, which accounts for the bulk of transactions, and advanced 10.5% in the Midwest. The median new house price increased 5.6% to $329,2000 in June from a year ago. New home sales last month were concentrated in the $200,000 to $400,000 price range.

There were 307,000 new homes on the market in June, down from 311,000 in May. At June’s sales pace it would take 4.7 months to clear the supply of houses on the market, down from 5.5 months in May. More than 60% of the homes sold last month were either under construction or yet to be built.

Reporting by Lucia Mutikani; Editing by Jonathan Oatis and Andrea Ricci

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Pending sales

Pending home sales staged a historic rebound in May, meaning the worst may have already come for the real-estate market – MarketWatch

Economic Report

Contract signings rose by the largest percentage ever between April and May

The number of Americans who signed on the dotted line to purchase a home increased by a record amount between April and May.


Getty Images/iStockphoto

The numbers: After two consecutive months of decline, the index of pending home sales soared 44.3% in May as compared with April, the National Association of Realtors reported Monday.

The monthly increase was the largest ever since the National Association of Realtors started the index in January 2001. “This has been a spectacular recovery for contract signings, and goes to show the resiliency of American consumers and their evergreen desire for homeownership,” Lawrence Yun, chief economist for the National Association of Realtors, said in the report. “This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.”

The index measures real-estate transactions for previously-owned homes where a contract was signed but the sale had not yet closed, benchmarked to contract-signing activity in 2001.

Compared with a year ago, contract signings were still down 5.1%, a sign of how steep the declines in March and April were given the record monthly increase in May.

What happened: Every region saw a monthly increase in pending home sales, led by the West (up 56%) and the Northeast (up 44%). Only the South saw a year-over-year uptick in contract signings.

With the improved outlook on home sales, Yun said the National Association of Realtors now expects existing-home sales to reach 4.93 million this year and new home sales to reach 690,000.

The big picture: The rebound in pending home sales means that there likely won’t be repeats of May’s significant downturn in existing-home sales for months to come.

Together with last week’s new home sales report for May, which also measures contract signings, it appears that home buyers are eager to re-enter the housing market. As such, the typically busy spring home-buying seasons appears to have been delayed for most buyers rather than foregone outright.

Research has shown that the job losses related to the coronavirus pandemic have largely occurred for lower-paid workers who are less likely to be home buyers, so the people looking to purchase a home have weathered the recession well to this point. And record-low mortgage rates are proving to be a major incentive.

Still, buyers will face trouble finding homes to buy. Sellers are still somewhat reluctant to list their homes because of concerns about the coronavirus and the economy. Before the pandemic began, the U.S. already saw a very short supply of homes for sale. For buyers in today’s market, that means they can expect more competition and higher prices for the properties that are available.

What they’re saying: “New home sales took a similar upward turn last week, but today’s pending data is a more important indicator of market activity since it covers existing homes which made up roughly 80 to 90 percent of sales in recent years. This move confirms that May closings could represent a low-point for home sales, with June and July numbers looking much better,” said Danielle Hale, chief economist at Realtor.com.

Market reaction: The Dow Jones Industrial Average
DJIA,
+2.32%

and the S&P 500
SPX,
+1.46%

were both up slightly in Monday morning trading on the heels of the housing data, despite a continued rise in COVID-19 cases.

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Existing-home sales

Existing-home sales drop in May, but signs point to a big rebound in the real-estate market this summer – MarketWatch

Economic Report

‘The leading indicators for home sales are soaring’

While the coronavirus prevented people from closing on home sales in droves back in May, real-estate activity has rebounded since then, economists say.


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The numbers: Sales of previously owned homes slid 9.7% in May as the coronavirus pandemic continued to weigh on the U.S. real-estate market.

Existing-home sales occurred at a seasonally adjusted annual pace of 3.91 million, the National Association of Realtors reported Monday. It was the lowest level for existing-home sales since July 2010.

Compared with last year, sales were down 26.6% in May.

“Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year,” Lawrence Yun, chief economist for the National Association of Realtors, said in the report.

What happened: On a regional basis, sales fell most notably in the Northeast, where they were down 13%. Every region saw a decrease in sales last month.

There was a 4.8-month supply of homes for sale in May, down from a 4-month supply in April. Typically, a 6-month supply of homes is considered indicative of a balanced market. Compared to a year ago, though, housing inventory was down 19%.

Additionally, the median existing-home price last month was $284,600, up 2.3% from May 2019.

The big picture: The continued downturn in home sales in May was widely expected, given that the pending home sales report for April represented the largest decline since the National Association of Realtors began tracking the data in 2001.

The pending-home-sales report reflect real-estate transactions where a contract was signed but the sale had not yet closed, and it is considered to be a barometer for future existing-home-sales reports. The existing-home-sales report, meanwhile, measures transaction closings.

Read more:Mortgage rates drop to another record low — here’s why Americans may not want to wait too much longer before locking rates in

Consequently, the downturn in pending home sales in March and April served as a warning that May’s existing home sales numbers would be down considerably. “The report will probably not show significant improvement until June data are reported in July,” TD Securities wrote in a research note.

May’s report aside, most signs point toward a rebound in the housing market following the downturn caused by the coronavirus pandemic.

The number of applications for mortgages to purchase homes reached an 11-year high last week, and purchase mortgage application activity overall has fully rebounded from its coronavirus-related dip. Pending sales activity has continued to rise as summer has rolled in, with many economists arguing that most people who wanted to buy a home simply delayed their purchase because of the coronavirus rather than forgoing it entirely.

But not all parts of the country will necessarily see the same rebound. Research from Realtor.com shows that demand for homes may be much higher in the suburbs and rural areas than in cities, based on the number of views that online listings for homes in the suburbs have been getting.

And the downturn in the supply of homes for sale could prove problematic for buyers. Simply put, if there aren’t many homes to buy, sales activity will be constrained.

What they’re saying: “Any disappointment should be fleeting; this is old news, and the leading indicators for home sales are soaring,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, said in a research note. “The summer will be strong.”

Market reaction: The Dow Jones Industrial Average
DJIA,
+0.59%

and the S&P 500
SPX,
+0.65%

were both up slightly in Monday morning trading despite the downturn in May existing home sales. The yield on the 10-year Treasury note
TMUBMUSD10Y,
0.711%

was down slightly, however.

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sales smash

The Last of Us Part 2 sales smash record to become Sony’s fastest-selling PS4 game ever – VG247

By Cian Maher,
Sunday, 21 June 2020 18:20 GMT

The Last of Us Part 2 sales have smashed the record for Sony’s fastest-selling PS4 exclusive, knocking Naughty Dog’s previous record holder by the wayside.


The news comes from a report published by GamesIndustry.biz, which concludes that The Last of Us Part 2 sales have knocked 2016’s Uncharted 4 off its perch as the fastest-selling PS4 exclusive of this console generation.

Sales from its opening week have been approximately 1% higher than that of Uncharted 4 — although the GamesIndustry report specifically clarifies that digital sales are not factored into this statistic, meaning that The Last of Part 2 may have smashed the record by an even wider margin.

the last of us part 2

Launch sales for The Last of Us Part 2 have been roughly 76% higher than those of the series’ inaugural title. Alongside this, The Last of Us Part 2 has become the UK’s fastest-selling boxed game of 2020 so far, raking in approximately 40% more cash than this year’s previous sales juggernaut, Animal Crossing: New Horizons — which, interestingly, has finally fallen out of the top 10 after holding a consistent place there since its launch back in March.

At the moment, Ring Fit Adventure is the second-bestselling game for this week. As the report notes, it’s the third week in a row it’s had to settle for the silver medal.

In related news, it seems a lot of people are pretty impressed with The Last of Us Part 2’s rope physics. On top of that, The Last of Us Part 2’s facial animations — which are systemic in non-cinematic cutscenes, meaning that they are algorithmically defined as opposed to being the result of facial capture — have been described as “like nothing that anyone has ever seen in games.”

Also, remember how you could play Crash Bandicoot on a random PS1 in Uncharted 4? Well, in true Naughty Dog fashion, there are a couple of clever little self-referential Easter eggs in The Last of Us Part 2.

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