Labor Market Strong, But U.S. Homebuilding Slowing
Reuters reports U.S. homebuilding rebounded less than expected from a nine-month low in July. The figures suggest the housing market is likely to tread water for the rest of this year against the backdrop of rising construction costs and labor shortages. However, the fundamentals for the housing market remain strong. New filings for jobless benefits fell again last week, pointing to sustained labor market strength. This in spite of an escalating trade war between the United States and China that has rattled financial markets.