Daily Roundup of Key US Economic Data for June 18

01:10 PM EDT, 06/18/2025 (MT Newswires) -- Housing starts fell by 9.8% to a 1.256 million annual rate in May, with single-family housing starts slightly higher and multi-family starts sharply lower.

Building permits fell by 2% to a 1.393 million rate in May. Both single-family and multi-family permits were lower. Homes permitted but not started increased by 2.2%.

Home completions rose by 5.4% in the month, which should add to the supply of homes for sale in the near term. Completions are still 2.2% lower than their year-ago level.

Initial jobless claims decreased by 5,000 to 245,000 in the employment survey week ended June 14, but the four-week moving average rose by 4,750 to 245,500, a third straight increase.

Initial claims were at a level of 226,000 in the survey week ended May 17.

Insured claims fell by 6,000 to 1.945 million in the week ended June 7.

The Mortgage Bankers Association reported a 2.6% decline in mortgage applications in the week ended June 13 after a 12.5% gain in the previous week. Refinancing activity and new home applications both fell despite lower mortgage rates.

Total crude oil inventories fell by 11.2 million barrels in the week ended June 14, with commercial oil inventories down 11.5 million barrels and stocks in the US Strategic Petroleum Reserve up 200,000 barrels. Gasoline inventories and distillate inventories both increased last week.

Natural gas stocks rose by 95 billion cubic feet to 2.802 trillion cubic feet in the week ended June 13, down 7.7% from a year earlier but 6.1% higher than the seasonal average for the current week over the previous five years.

The Q2 GDPnow estimate from the Atlanta Fed is for a 3.4% gain, revised down from a 3.5% gain reported on Tuesday. The next estimate is scheduled for June 27.

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