Overall, companies are requiring 12% more time in-office than in early 2024, according to data on policies for 9,000 employers. Yet Americans still work from home about a quarter of the time—much like in 2023.
Compass Anywhere
Compass is acquiring Anywhere Real Estate for $1.6 billion in an all-stock transaction. Compass and Anywhere were already the first- and second-biggest brokerages by volume in 2024. The all-stock transaction would create a new industry giant with an enterprise value of about $10 billion, including debt, in one of the largest deals ever in the residential brokerage industry.
Waldorf Astoria
The total cost of the Waldorf acquisition and makeover came to about $6 billion, including the purchase price and eight years of lost revenue while the hotel was closed but the owners were still paying property taxes and insurance. Much of it was covered by the Chinese government.
NVDA INTC
Nvidia is investing $5 billion in Intel, buying common stock at $23.28 a share to jointly develop data center and PC products.
Wage Growth
For much of the past few years, wages for the bottom third of U.S. earners grew at a faster rate than for the top third. But since the start of the year, top earners have pulled far ahead. In August, annual wage and salary growth fell to 0.9% for the bottom third, the smallest gain since 2016, while the top third saw growth of 3.6% year over year, the most since November 2021.
Residential Transactions
More than 15% of home purchase agreements fell through in July, which is the highest percentage for that month since tracking cancellations in 2017, and there are currently 36% more home sellers than buyers.
Gold
Gold’s value has ballooned by 39% this year, putting it on track for a greater annual price jump than during the depths of the Covid-19 pandemic or 2007-09 recession. Futures for the precious metal haven’t surged so much in a year since 1979.
30-Year Fixed
The average 30-year fixed mortgage rate fell to 6.35%. That’s the lowest level since October and a notable drop from January, when rates were above 7%.
Household Incomes
Inflation-adjusted median household income was $83,730 in 2024, not statistically different from the 2023.
PNC FirstBank
PNC Financial Services Group will buy FirstBank Holding Co for $4.1 billion to expand its presence in the West.