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  • According to the Fed's Beige Book, employment remained stable in recent weeks, but inflation continued to rise across much of the country.
  • Job openings climbed to their highest level in nearly two years, though companies pulled back on hiring, creating mixed signals for the economy.
  • ADP reported that private companies added 122,000 workers in May, up from April and better than the Dow Jones consensus estimate for 110,000.

Housing News

  • Residential construction spending rose 0.8% in April, driven by gains in single-family construction and home improvement projects.
  • Nearly 6% of home listings were pulled from the market in April, matching the highest level since the early days of the pandemic.
  • Purchase applications were 7% higher than a year ago but declined 3% for the week, despite mortgage rates dropping from recent highs.

 

Market Minute Report - Mortgage News