US Economic Indicators Show Slowing Growth as Job Market Cools

Unemployment claims fall but remain elevated; housing starts hit lowest level since 2020 amid high interest rates.

Initial unemployment claims dropped to 238,000 but remain higher than earlier in the year.
Continuing claims for unemployment benefits reached their highest level since January.
New housing starts fell 5.5% in May, marking the lowest rate in nearly four years.
Single-family home construction also declined, with permits for future projects decreasing.
Economists predict potential Federal Reserve interest rate cuts later this year.