Greenway's Markets in a Minute I More people are buying homes
Retail sales rose 17.7% in May, well above the 8% forecast. Although still below prior levels, it was the biggest one-month jump of all time. |
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Fed Chair Jerome Powell warned of 'significant uncertainty' about the economic recovery in his semi-annual testimony before Congress, echoing his tone from last week. |
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A second wave of layoffs and tepid demand saw initial jobless claims come in at 1.508 million last week. However, claims were lower for the 11th period in a row. |
A strong rebound in permits suggests the new home market is starting to emerge from the covid crisis. Housing starts rose in May, though less than expected. |
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Home builder sentiment posted its biggest monthly surge ever in June, helped by a faster-than-expected turnaround in homebuyer demand. |
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Purchase mortgage applications hit an 11-year high last week as rates dropped. Apps were up 4% over the previous week and were 21% higher than a year ago. |