Wall Street will get a key update this week on the U.S. housing market, along with an unemployment update. On Thursday, the U.S. will release its August report for sales of newly-built homes. It details the sale of brand-new homes and sales contracts for homes that are under construction. That differentiates it from the monthly report on existing home sales. The U.S. will also release its weekly report for unemployment claims on Thursday. Claims for jobless benefits are a proxy for layoffs, and economists watch them because they can be a sign of where the job market is headed.

The number of people applying for unemployment benefits dropped sharply last week, another sign that layoffs remain rare and most Americans enjoy job security. The Labor Department reported Thursday that jobless claims slid to 196,000, fewest since mid-July and down from 206,000 the week before. The four-week average of claims, which smooths out week-to-week volatility, dropped to 203,250. Economists had expected claims to come in at 207,500, according to a survey by the data firm FactSet.

  • Updated

Aramark Nexusâ„¢ Selected as Premier Hospitality Partner for a Leading Workforce Housing Provider Company Sets High Standard for Attracting and Retaining Skilled Trade Talent

The Federal Reserve and its interest rate policy will be the main focus for Wall Street this week. The central bank will close out its two-day meeting on Wednesday, and it could raise its benchmark interest rate in an effort to tame stubbornly high inflation. Wall Street will also get an update Wednesday on U.S. retail sales for August. That could provide more insight into how and where people are spending money amid higher inflation and slower wage growth.

Slightly fewer Americans filed for unemployment claims last week as jobless claims remain at historically low levels and layoffs are still rare. The Labor Department reported Thursday filings for benefits dipped to 206,000 last week from a revised 207,000 the week before. The four-week average of claims, which smooths out week-to-week volatility, also fell modestly — to 206,000. Claims for jobless benefits are a proxy for layoffs, and economists watch them because they can be a sign of where the job market is headed. For the past year, claims have mostly stayed within a historically low range of 200,000 to 230,000 a week.