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  • The number of workers quitting their jobs dropped to a 3-year low in January, indicating labor market conditions were gradually easing. 
  • Services industry growth slowed a bit in February. However, new orders increased to a 6-month high, pointing to underlying strength.
  • Fed Chair Jerome Powell told Congress the Fed is in no rush to cut interest rates until it is convinced it's won the battle over inflation.

Housing News

  • Construction spending fell unexpectedly in January, though outlays on new single-family projects grew 0.6% amid strong demand. 
  • Purchase mortgage applications increased 11% last week. Demand was still 8% lower than the same week a year ago.
  • Inventory has shown signs of slowly increasing, with 14.8% more homes for sale in February than the same time last year.

Market Minute Report - Mortgage News