NEWS

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Palomar Press Briefing | July 7, 2021



 INDUSTRY NEWS

July 7, 2021

 

PERSONAL INCOME JUMPS DURING THE PANDEMIC

Last week, the Commerce Department released its estimates of personal income growth at the state level in the first quarter. These range from 31.1% in Washington, D.C., to 89.3% in Mississippi. The change in personal income at the national level, in comparison, was 59.7%.

WALMART LAUNCHING FIRST-EVER PRIVATE BRAND ANALOG INSULIN DRUG

Walmart is diving deeper into health care with the launch of a less costly version of a prescription drug that treats a chronic disease affecting about 11% of the U.S. population. The retail giant will offer an exclusive private-label version of analog insulin under its ReliOn private brand of diabetes products.

BED BATH & BEYOND Q1 SALES TOP ESTIMATES, LOSS NARROWS; RAISES SALES FORECAST

Bed Bath & Beyond reported strong sales for its first quarter even as its profit missed expectations amid costs related to its turnaround efforts. It was a busy quarter for the home goods retailer which is in the first year of a three-year transformation strategy.

ONLINE GROCERY SALES ARE DOWN BUT STILL THRIVING

The US online grocery market posted $7 billion in sales this May, a drop of nearly 16% from $8.3 billion in May 2020, said a new report from S&P Global Market Intelligence. But at three times its total from August 2019, merchants remain optimistic it is a safe place to expand.

CMBS DELINQUENCY RATES

The Trepp CMBS delinquency rate continued to decline in May, posting its biggest drop in three months. After two huge jumps in May and June 2020, the rate has now declined for 11 consecutive months. The CMBS delinquency rate in May was 6.2 percent, a drop of 36 basis points from the April number.

U.S. REITS RISE 2.6% IN JUNE

The FTSE Nareit All Equity REITs Index increased 2.77 percent in June, led by strong performances by self-storage REITs (up 7.99 percent), data center REITs (up 5.72 percent) and infrastructure REITs (up 5.38 percent). By comparison, the S&P 500 Index rose approximately 1.9 percent in the month.

RETAIL SALES GROWING ‘FAR FASTER’ THAN EXPECTED, SAYS NRF CHIEF ECONOMIST

The retail industry is seeing not only unprecedented growth from months of pent-up demand as the economy reopens but momentum as well. The “great uncertainty” that clouded the nation’s economic outlook earlier in the year has transformed into evidence of an unprecedented recovery from the COVID-19 pandemic.

 

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