Sentiment among U.S. home remodeling companies dips slightly
The National Association of Home Builders/Westlake Royal Remodeling Market Index fell to a 59 score in the second quarter, down from 63 in the first quarter.
The NAHB asks its members every quarter to rate their current workload — good, fair or poor — in five categories: the health of projects priced at $50,000 or more, work priced between $20,000 and $50,000, those priced below $20,000, their backlog and how often they get job leads. The results are seasonally adjusted.
The 59 score "is still in positive territory," the association said in a news release Thursday. But the NAHB also noted that this marked only the second time their sentiment index has fallen below 60 since 2020.
"Most remodelers continue to express positive sentiment, but some, especially in the western part of the country, are seeing a slowing of activity in their markets," Nicole Goolsby Morrison, the association's remodelers chair, said in a statement. "Those who report a slowdown have cited economic uncertainty stemming from government policies as the main reason."
Trump to impose 50% tariff on Brazil; its president responds
President Trump sent a notification to Brazil and its leader, Luiz Inacio Lula da Silva, late Wednesday that said the U.S. will impose a 50% tariff on imports from the South American powerhouse. The notification marks the highest tariff percentage Trump sent out this week to more than 20 nations.
In the notification, Trump said he chose 50% in part because of the "witch hunt" against former Brazilian president Jair Bolsonaro. Bolsonaro is on trial on charges that he plotted a coup to stay in power after losing the 2022 election.
"The way that Brazil has treated former President Bolsonaro, a highly respected leader throughout the world during his term, including by the United States, is an international disgrace," Trump wrote in the notification. "This trial should not be taking place."
Jobless claims fell slightly last week
Americans filed 227,000 applications for unemployment insurance during the week ending July 5, marking a 5,000 drop from the week prior, the U.S. Department of Labor said Thursday.
Those figures amount to one reality, economists said Thursday.
"It’s difficult to find a new job right now," Heather Long, chief economist at Navy Federal Credit Union, said in a social media post. "Young people are struggling to land their first jobs and anyone who has been laid off is having a hard time. The labor market is frozen outside of healthcare, education and law enforcement jobs."
"The real story is continuing claims," Long said of the Labor Department weekly data.
The number of Americans continuing to claim unemployment benefits week after week rose by 10,000 to 1.96 million, the Labor Department said. That's the highest tally since November 13, 2021 — when the figure reached 1.97 million.