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  • ADP reports the private sector added 324K jobs in July, landing well above expectations and signaling labor market strength.
  • Manufacturing stabilized in July with a gradual improvement in new orders, though factory employment dropped to a 3-year low.
  • Job openings hit their lowest level since April 2021 in June, while layoffs nudged downward, suggesting a softening but resilient labor market.

Housing News

  • Construction spending increased solidly in June, boosted by outlays in both single- and multi-family housing projects.
  • Foreign buyers bought 14% fewer homes in the U.S. in the past year, the least since tracking started but at the highest median price of $396,400.
  • Redfin reports a first-time homebuyer would need to earn $64,500/year to afford the typical starter home, which sold for $243K in June. 

Market Minute Report - Mortgage News