Delayed return: LSU is urging students who evacuated for Hurricane Ida to refrain from rushing back to campus, the university’s president announced today. The university will remain closed through Tuesday, WAFB-TV reports. LSU President William Tate posted a message to Twitter explaining emergency personnel needed time to assess the campus to determine when students and staff could safely return. Read more.
Purchase contracts: Contracts to purchase previously owned U.S. homes declined for the second consecutive month in July in step with limited supply that’s been unable to keep up with demand from potential homebuyers, Reuters reports. The National Association of Realtors said today its Pending Home Sales Index, based on contracts signed last month, fell 1.8% after dropping a revised 2.0% in June. Economists polled by Reuters had forecast pending home sales would increase 0.4%. Read the full story.
Deep inventories: Companies determined to keep factories open are trying to work around shortages caused by supply-chain probelsm by producing what they can, at the same time rising customer demand has cleaned out store shelves, dealer showrooms and distribution centers, The Wall Street Journal reports. As a result, manufacturers are amassing big inventories of unsold or incomplete products such as truck wheels and farm tractors. Companies that are used to filling orders quickly now have bulging backlogs of orders, waiting for scarce parts or green lights from customers willing to take deliveries. Read the full story.