Manufacturing activity accelerated more than expected in October, with new orders jumping to their highest level in 17 years. A pandemic related spending shift is driving the surge.

According to Senate Majority Leader Mitch McConnell, passing a new stimulus package before the end of the year remains a top priority when the Senate reconvenes.

The Fed left policy rates unchanged once again at this week's meeting and pledged to continue implementing policy to help the economy recover.

Coronavirus-related forbearance rates dropped to a 7-month low in October. Data shows that most homeowners who take forbearance actually continue making payments.

Construction spending was up 0.3% in September over August and was 1.5% higher year over year. Residential construction was strong, with single family home projects up 5.7%.

This winter's real estate market is shaping up to be unlike any before. NAR's Lawrence Yun predicts the season "will be one of the best winter sales years ever."