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  • Manufacturing expanded in March for the first time since September 2022 as production rebounded sharply and new orders increased. 
  • Job openings were little changed in February from the prior month, suggesting labor demand is stabilizing at an elevated level.
  • ADP reported private sector job growth expanded in March at its fastest pace since July 2023, indicating continuing strength in the labor market.

Housing News

  • Private residential construction rose 0.7% in February, with single-family construction rising 1.4% and multifamily construction falling 0.2%. 
  • Applications for a mortgage to purchase a home edged down 0.1% from one week earlier and were 13% lower than the same week one year ago.
  • Bond market expectations for a June rate cut have fallen to below 50% after manufacturing data evidenced expansion.

Market Minute Report - Mortgage News