New unemployment claims fell slightly to 245,000 last week, but widespread layoffs across industries and a decline in hiring suggest the U.S. labor market is losing momentum. Continuing claims also dipped to 1.945 million, yet remain elevated as recently laid-off workers struggle to find new jobs. Meanwhile, single-family housing permits dropped 2.7% in May—the lowest level since April 2023—amid high borrowing costs, excess inventory, and weakened buyer demand. Economists cite tariffs, stalled interest rate cuts, and global instability as contributing to economic uncertainty heading into summer.
See "US labor market softening; single-family building permits slump", Lucia Mutikani, Reuters, June 18, 2025