This is something to watch with less international travel. Here are the daily travel numbers from the TSA. This data is as of April 16, 2025. Click on graph for larger image. Air travel is up about 1.3% YoY.

At the Calculated Risk Real Estate Newsletter this week: Click on graph for larger image. Housing and Demographics Housing Starts Decreased to 1.324 million Annual Rate in March Watch Inventory and Why Measures of Existing Home Inventory appear Different 3rd Look at Local Housing Markets in March

The key reports scheduled for this week are March New and Existing Home sales. ----- Monday, April 21st ----- No major economic releases scheduled. ----- Tuesday, April 22nd ----- 10:00 AM: Richmond Fed Survey of Manufacturing Activity for April. ----- Wednesday, April 23rdh ----- 7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index. 10:00 AM: New Home Sales for March from the Census Bureau. Architecture Billings Index for March (a leading indicator for commercial real estate). Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts. ----- Thursday, April 24th ----- 8:30 AM: The initial weekly unemployment claims report will be released. Initial claims were at 215 thousand last week. Durable Goods Orders for March from the Census Bureau. The consensus is for a 0.8% increase in durable goods orders. Chicago Fed National Activity Index for March. This is a composite index of other data. 10:00 AM: Existing Home Sales for March from the National Association of Realtors (NAR). The consensus is for 4.14 million SAAR, down from 4.26 million. Kansas City Fed manufacturing survey for April. ----- Friday, April 25th ----- 10:00 AM: University of Michigan's Consumer sentiment index (Final for April). The consensus is for a reading of 50.8.

Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios. For deaths, I'm currently using 4 weeks ago for "now", since the most recent three weeks will be revised significantly. Note: "Effective May 1, 2024, hospitals are no longer required to report COVID-19 hospital admissions, hospital capacity, or hospital occupancy data."  So, I'm no longer tracking hospitalizations. COVID Metrics  NowWeek AgoGoal Deaths per Week419474≤3501 1my goals to stop weekly posts. 🚩 Increasing number weekly for Deaths. ✅ Goal met. Click on graph for larger image. This graph shows the weekly (columns) number of deaths reported since Jan 2023. Although weekly deaths met the original goal to stop posting in June 2023 (low of 314 deaths), I've continued to post since deaths are above the goal again - and I'll continue to post until weekly deaths are once again below the goal. Weekly deaths are now decreasing following the winter pickup and just under double the low of last June. And here is a graph I'm following concerning COVID in wastewater as of April 17th: This appears to be a leading indicator for COVID hospitalizations and deaths.  This has been moving down. Nationally COVID in wastewater is "Low".

Today, in the Calculated Risk Real Estate Newsletter: Housing and Demographics A brief excerpt: I’ll return to the above graph and discuss some of the implications for the next decade, but first, here is a similar graph for July 2010. The arrow points to the large cohort moving into the key renter age group in 2010. It was fifteen years ago that we started discussing the turnaround for apartments. Then, in January 2011, I attended the NMHC Apartment Strategies Conference in Palm Springs, and the atmosphere was very positive. The drivers were 1) very low new supply, and 2) strong demand (favorable demographics, and people moving from owning to renting). ... What are the implications for the next decade?