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  • The services sector snapped back into growth mode in May after a short-lived April contraction, improving by the most in 3 years. 
  • Private employers added the fewest jobs last month since January, and small businesses shed jobs for the first time in 6 months.
  • The ISM Manufacturing Index hinted at a stalled economy in May. The Index fell to a 3-month low based on lower anticipated demand.

Housing News

  • Construction spending fell unexpectedly for a 2nd month in April, though investment in single-family home building improved. 
  • Total mortgage application volume fell 5.2% last week. Purchase apps dropped 4% for the week and 16% year over year.
  • Home price gains cooled for the 2nd consecutive month in April, according to an ICE Mortgage Technology report.

Market Minute Report - Mortgage News