The new United States housing data gathered within shows signs of the economy's slow recovery, alongside the manufacturing data collected beforehand. This shows that the public is now buying less when it comes to real estate properties, especially when it comes to pre-owned properties.
Sufficient Housing Data Shows the Slow Economic Recovery
Even though mortgage rates support the housing market with record-low prices, the demand for purchasing pre-owned housing properties in the country, wherein the acute property shortage resulted in the prices being pushed up.
According to Firstpost, many factories in some locations, such as in the Midwest and in Texas, have shown slow production that resulted in low new orders and production disruptions, most likely due to the resurfacing of new COVID-19 cases.
Furthermore, the National Association of Realtors (NAR) has reported low sales of properties have been recorded from their end. According to the data of their Pending Home Sales Index, a significant decrease has been recorded by NAR, a basis on how many signed contracts for properties have been recorded. That alone can serve as hard proof that the economic recovery is getting slower than before.
Even Though The Recovery is Slow, Experts Are Highly Optimistic
Yes, the recovery of the economy might be slow at these times, but it is still a recovery, nonetheless. This is what most experts believe in themselves and for the public, according to CNBC.
Even though there had been instances wherein the economic data has shown sudden spending burst like in May of this year, experts are pushing that there is an economic recovery happening. Thanks to the economy itself being slowly opened again to the public. However, it will be a slow race ahead, as it will take time to feel the effects of the recovery in full.
Still, having those said data to match 2019's data of what was normal back by then, to 51%, is a good sign that the economy is recovering indeed, slowly but surely.
Slow Economic Recoveries Are Happening Around The World Alongside the United States
Other countries, aside from the United States, are also having slow economic recoveries, according to Aljazeera. Some examples would be countries in the Southeast Asia hemisphere. The notable cause of the slow economic recovery in some Southeast Asian countries is having more COVID-19 cases than others. The countries of Malaysia, the Philippines, and India are the main culprits for that issue with the recovery.
The concern of having new additional cases of COVID-19 in the countries in this hemisphere, along with their public being lax about social distancing measures and rules and the borders within countries being opened up for tourism, can further slow the economic recovery. This is most likely the case for nations dependent on tourism as well.
Although China and South Korea have largely contained the virus within their borders, it is not enough for a healthy economic recovery in the whole Southeast Asian hemisphere. Experts are hoping that other countries can achieve economic recovery soon.
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