File picture shows a sign outside a single family house in Garden City, New York. A report from the Mortgage Bankers Association shows applications for loans to purchase a home increased 3% last week from the prior period. – REUTERSPIXUS business activity cooled in September, with gains at factories offset by a retreat at services industries, suggesting a loss of momentum in the economy as the third quarter draws to a close and Covid-19 lingers.
The coronavirus crisis wiped out more than five years of growth, and economists are calling for another aid package from the government to help the fragile recovery. The economy slipped into recession in February. Six months after the Covid-19 pandemic started in the United States, coronavirus cases remain high, with the death toll in the country exceeding 200,000 on Tuesday – by far the highest number of any nation.
Stocks on Wall Street were trading lower. The dollar rose against a basket of currencies. US Treasury prices fell. The FHFA's index is calculated by using purchase prices of houses financed with mortgages sold to or guaranteed by mortgage finance companies Fannie Mae and Freddie Mac. A report from the National Association of Realtors on Tuesday showed house prices surged 11.4% in August from a year ago.