Markets in a Minute: Latest Economy & Housing News Update
In this brief market news segment, the host reports on several recent U.S. economic and housing indicators. The services sector rebounded strongly in May, marking the biggest gain in three years after a brief April contraction. Private‑sector employment added the fewest jobs since January, while small businesses experienced a net loss of jobs for the first time in six months. The ISM Manufacturing Index fell to a three‑month low, suggesting a slowdown in manufacturing demand. Construction spending declined for a second consecutive month in April, although investment in single‑family homebuilding rose. Mortgage application volume dropped 5.2% week‑over‑week, with purchase applications down 4% for the week and 16% year‑over‑year. Finally, home‑price appreciation cooled for the second month in April, according to ICE Mortgage Technology. The segment ends with a sign‑off and a Pablo Picasso quote.
