This past week felt more like a whisper than a roar in the economic world — and mortgage rates barely budged.
Two key reports from the Institute of Supply Management showed a slight slowdown. The services sector came in at 50.1 (just squeaking into growth territory), while manufacturing dipped to 48.0, signaling contraction. Services are still outperforming manufacturing, but if tariffs on foreign goods keep rising, domestic manufacturers might start closing the gap.
Jobless claims ticked up slightly to 226,000 from 218,000 — still very much in a “normal” range compared to the pandemic spike. Translation: companies might be cautious about hiring, but they’re not exactly rushing to lay people off either.
And here’s a big one — the U.S. trade deficit has dropped significantly. After hitting a record $140 billion in March (thanks to a rush of purchases ahead of potential tariff hikes), June’s deficit was just $60 billion, beating expectations.
Bottom line: Rates are steady, the job market is holding firm, and while manufacturing is cooling, the overall economy isn’t showing signs of serious trouble… yet. For buyers, that means stability. For sellers, it means motivated buyers are still out there.
🤝 Even if you’re not ready to make a move, I’m here to keep you in the loop. Let’s stay connected.
