There were two economic reports today. The first showed that jobless claims rebounded to 554,000 from 524,000 last week. The decline in the previous two weeks was due to seasonal adjustments, so unemployment is still a major anchor on the economy.
The other report is that existing home sales for June rose 3.6% to 4.89 million. The headline is good, but the details aren’t. What’s really happening is that only inexpensive homes are selling. Homes over $1 million have a 20-month inventory.