In each Economic Update, the Research staff analyzes recently released economic indicators and addresses what these indicators mean for REALTORS® and their clients. Today’s update discusses unemployment insurance claims.
- Initial claims for unemployment insurance filed in the week ending September 28 totaled 308,000, a minor increase of 1,000 claims from last week’s level. Weekly claims data register some volatility, but the trend has been one of a solid decline, an indication of an improving job market.
- Relatedly, furloughed federal employees are eligible to file for unemployment insurance, so some temporary spike may be likely in the coming weeks.
- What this Means for REALTORS®: Employment conditions have been improving solidly, although modestly. At the current pace of growth and job creation, NAR expects existing home sales to hit a level of 5.2 million in 2012, an 11 percent year-on-year gain.