Markets in a Minute: Latest Economy & Housing News Update
In this brief market‑news segment, the narrator reports a series of recent U.S. economic and housing data points. The services sector contracted at its fastest rate in four years in June, driven by a sharp pullback in business activity and declining orders. Unemployment claims rose modestly, while continuing claims increased for the ninth consecutive week, reaching the highest level since November 2021. ADP’s private‑payroll report shows June payroll growth edging lower, suggesting a cooling labor market that could ease pressure on interest rates. Construction spending fell unexpectedly by 0.1% in May, with single‑family construction down 0.7% after an April rise. Purchase mortgage applications dropped 3.3% for the week and are 12% lower year‑over‑year. An ICE Borrower Insights Survey reveals that 36% of homeowners—especially Gen Z and millennial owners—plan to sell within the next two years. The segment closes with a Daniel J. Boorstin quote on freedom.
