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Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update highlights jobless claims.
- Today’s significant drop in initial jobless claims suggests continuous strengthening of the job market and economic conditions.
- Initial claims fell 15,000 to 358,000, while the four-week average dropped a substantial 11,000 to 366,250.
- This is 15,000 lower than a month ago. Levels below 400,000 indicate an expansion of the workforce. The 4-week average has been declining continuously for the past 9 out of 10 weeks.
- Continuing claims rose 64,000 to 3.515 million, however the 4-week average is down 33,000 to 3.498 million.
- If weekly jobless claims can remain at or near this range then the net new job creation in 2012 could reach 3 million.
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