Loan Depot

There was a full plate of inflation, housing and economic data ahead of the Thanksgiving holiday. Read on for these top headlines:

• Progress Stalls on Inflation
• Hurricanes, Higher Rates Hurt New Home Sales
• Pending Home Sales Beat Estimates
• Home Price Gains Continue
• Third Quarter GDP Holds Steady at 2.8%
• Continuing Unemployment Claims Continue to Rise

October’s Personal Consumption Expenditures (PCE) showed that headline inflation rose 0.2% from September, while the year-over-year reading rose from 2.1% to 2.3%.

New Home Sales, which measure signed contracts on new homes, plunged 17.3% from September to October, with the 610,000-unit pace reaching the lowest level since November 2022.

Pending Home Sales, which are signed contracts on existing homes, rose 2% from September to October per the National Association of REALTORS^® (NAR).

Home prices nationwide rose 0.3% from August to September after seasonal adjustment per Case-Shiller’s Home Price Index, helping home values reach an all-time high for the sixteenth straight month.

The U.S. economy grew by 2.8% in the third quarter per the Bureau of Economic Analysis’ second estimate for that time period, matching their first estimate reported in October.

Initial Jobless Claims inched down another 2,000 in the latest week to a 7-month low, with 213,000 people filing for unemployment benefits for the first time.

The labor sector will take center stage with updates on job openings Tuesday, private payrolls Wednesday, unemployment claims Thursday, and nonfarm payrolls and the unemployment rate Friday.