The U.S. economy added 850,000 jobs in June, the biggest gain in 10 months, boosted by hiring in retail and residential construction, according to a Labor Department report.
While Americans are feeling better about the economy, the data showed their outlook on housing was souring.
Policymakers indicated rate hikes could come as soon as 2023, after saying in March that they saw no increases until at least 2024.
Homebuilder confidence plunged in June as material prices rose and supply chain shortages crimped inventory, resulting in fewer homebuyers.
Lumber prices have retreated from last month's all-time high as sawmills ramp up production, signaling the dizzying pace of new-home price gains could slow.
A spike in lumber prices has added about $36,000 to the cost of a new home as builders and renovators compete for limited supply from sawmills, NAHB said in a new report.
U.S. housing starts soared to 15-year high last month, according to a government report, signaling relief for supply-constrained market
The IMF upgraded its economic growth forecast, saying the U.S. will lead developed nations with a 6.4% surge in GDP this year, faster than the 6% global pace.
