Markets in a Minute: Latest Economy & Housing News Update
In this brief market‑update video, the host delivers a rapid rundown of recent U.S. economic and housing data. Retail sales in May rose only 0.1%, missing expectations and underscoring consumer pressure from persistently high inflation. Unemployment insurance data show new jobless claims falling from a 10‑month high, while continuing claims have risen for a seventh consecutive week, indicating mixed labor‑market signals. Federal Reserve officials reiterate that rate cuts remain unlikely until clearer evidence of cooling inflation and higher unemployment emerges. Housing‑sector metrics reveal a sharp slowdown: new home construction in May fell to its lowest level in four years, building permits dropped to the weakest since June 2020 (with single‑family permits down for a fourth month), and higher mortgage rates have dampened sales momentum. Mortgage‑application activity is modestly up 2% week‑over‑week but down 12% year‑over‑year, reflecting tight supply and elevated rates. The segment closes with a Theodore Roosevelt quote, “Believe you can and you're halfway there,” as a motivational sign‑off.
