What I’m Reading
Clear the Decks: Western ports are bracing for increased congestion when China eventually lifts stringent Covid-19 restrictions in major cities, which could come just as many importers start to load up for the back-to-school and holiday shopping seasons. The race is on to clear existing cargo and prepare for the eventual onslaught. Wall Street Journal
No Relief: More home sellers are dropping their prices but buyers are still find the cost of ownership rising thanks to higher mortgage rates. Redfin
Reconfiguring: In recent months, for the first time ever, architectural firms are making more income from renovation work than new construction of office buildings, according to American Institute of Architects Chief Economist Kermit Baker. Bisnow
Pumping the Brakes: Startup layoffs are beginning to bleed over into related sectors. The Information
Over the Falls: Shopify’s plunge is the latest example ecommerce stocks getting hammered from their pandemic highs as a hangover takes hold. Bloomberg
Chart of the Day
If household balance sheets are as healthy as we keep hearing, consumers certainly have an interesting way of showing it.
Source: CNBC
WTF
Poop Deck: Building management at an expensive Upper East Side condo is suing an 83 year old woman for pooping in its swimming pool and gym shower. NY Post
Say Cheese: A former dancer is making over $123k per year by stuffing dead mice and creating mini scenes by attaching them to stripper poles. NY Post
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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