The jobless claims pop up to 419K surprised economists with consensus expectations of 350K, which would have been an improvement to the week prior’s 368K. Though there may not be a ton to read into here with seasonal adjustment factors wreaking havoc on the adjusted numbers, though those impacts should start to fade next month.
Existing home sales rose 1.4% in June, a slight rise against and steep downward trend since the peak at the end of last year with nearly a 30% drop in mortgage applications since December. While there is a steep downward trend that may continue, it is likely just a course correction back to more regular levels after a red hot housing market.
The Delta variant spooked markets early in the week, with the S&P 500 losing 1.59%, the worst day since May, though markets bounced on Tuesday and remained in the green for the week.