Multiple Reports on Thursday Show Weakness in the U.S. Economy:

Unemployment Benefits: The number of Americans continuing to receive jobless benefits rose to its highest level since late 2021. In May, core durable goods orders saw their biggest decline of the year. The unemployment data indicates that people are taking longer to find new jobs, which is not a positive sign for the economy.

Housing Market: The leading indicator for the U.S. housing market collapsed again, with pending home sales in May dropping to a record low. The Pending Home Sales Index fell 2.1% month-on-month to 70.8, far below expectations.

However, both the U.S. Q1 GDP and core PCE final readings were slightly revised upward. The final reading for Q1 GDP was 1.4%, a 0.1 percentage point increase from the revised value of 1.3%. The annualized quarterly rate of core PCE rose 3.7%, also up 0.1 percentage points from the previous value of 3.6%.