Housing Sales Rise, Jobless Claims Increase, and Market Update: Bloomberg Money Minute

Housing Market Trends

• 📈 Existing home sales saw a 2% increase in July compared to the previous month.
• 💰 The median price for previously owned homes rose by 0.2%, reaching a national average of just over $422,000.
• 📉 Price growth has slowed, and long-term mortgage rates have edged slightly lower.

U.S. Labor Market Weakness

• ⚠️ Initial jobless claims increased by 11,000 last week, reaching 235,000, the highest in two months.
• 📉 Continuing claims, indicating the number of long-term unemployed, rose to just under 2 million, the highest since November 2021.

Wall Street and Market Performance

• 📉 Stocks experienced a decline today, with the Dow, Nasdaq, and S&P all down approximately one-third of 1%.
• 🏦 Concerns are rising that the Federal Reserve may not lower interest rates at its upcoming meeting due to strong manufacturing data for August and worries about inflation.

Entertainment News

• 🎭 Kermit the Frog and other Muppets are set to appear in a new Broadway show opening in October called "Rob Lake Magic."