First-time unemployment claims fell to the lowest level since the shutdowns began last year. Weekly Initial Jobless Claims decreased to 385,000 for the week ended May 29, 2021, from 405,000 in the previous week. To put it into perspective, the week of April 4, 2020 claims were over 6 million as the shutdowns took hold. Continuing claims, or those receiving benefits for at least two weeks straight, were at 3.771 million from 3.642 million. With all U.S. having reopened their economies, many unemployed Americans should be able to go back to work.

The service sector of the U.S. economy got a shot in the arm in May with big job gains. May ADP Private Payrolls surged by 978,000 with a much-needed gain of 850,000 in the service sector of the economy. Private payrolls have now recovered nearly 63% of their shutdown-era decline. It was a great number, but there is still a lot of Americans out of work. After tomorrow's jobs report, the U.S. will still be around 7 million jobs short of where the nation was in February 2020.

Home borrowing costs inched higher this week and remain at historically low levels. Freddie Mac reports that the 30-year fixed-rate mortgage rose four basis points to 2.99% with 0.6 in points and fees. A year ago at this time, the rate was 3.18%. It is up from 2.65% on January 7 of this year. Sam Khater, Freddie Mac's Chief Economist said, "Home prices continue to accelerate while inventory remains low and new home construction cannot happen fast enough."