U.S. states saw a bigger than expected drop in initial unemployment claims last week as claims fell to a fresh pandemic-era low. Initial unemployment claims came in below 700,000 for the first time since mid-March 2020, declining more than anticipated after last week's unexpected jump.
The U.S. housing market is suffering from its lowest supply in history, and that is taking an increasingly hard toll on sales. Pending home sales, a measure of signed contracts on existing homes, fell a wider-than-expected 10.6% in February compared with January, according to the National Association of Realtors. Sales were 0.5% lower year over year. The demand for a home purchase is widespread, multiple offers are prevalent, and days-on-market are swift, but contracts are not closing due to record-low inventory.
President Joe Biden wants $2 trillion to reengineer America’s infrastructure and expects the nation’s corporations to pay for it. The president landed unveiled what would be a hard-hatted transformation of the U.S. economy as grand in scale as the New Deal or Great Society programs that shaped the 20th century. White House officials say the spending will take place over 8 years and will be financed through higher corporate tax rates.