Unemployment Insurance Claims Continue To Decline in Most States

  • The number of people losing jobs continues to remain on a downtrend. Initial unemployment insurance claims that were filed during the week that ended March 21 totaled 282,000 (seasonally adjusted), fewer by 9,000 claims from the previous week’s unrevised level. A decline in the number of unemployment claims indicates fewer job losses and greater job stability.
  • Based on latest state data (February 2015), almost all states have seen a decline in the number of unemployment claims (about 10 percent drop nationally), except in LA, TX, ND, OK and WY where their oil/gas industries are being buffeted by the steep drop in oil prices.
  • Despite the job losses in the oil and gas sector, these states appear to be coping up at this point, generating jobs on a net basis. Jobs are growing comparatively strongly in Texas (3.5%), and North Dakota (4.3%), above the national average of about 2.3 percent, although at a subdued pace in Oklahoma (1.5%), Wyoming (1.6%), and Louisiana (1.3%).

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  • NAR expects the economy and job growth to strengthen in 2015 to levels which can support 5.3 million existing home sales in 2015, up from 4.9 million in 2014.

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