This blog post was written by Erin Fitzpatrick. Erin is a Summer Research Intern and is currently studying at George Washington University pursuing a B.S. in Economics and a B.A. in Political Science.
- Continuing claims for unemployment insurance filed during the week ending June 6 decreased from the previous week’s level to 2.2 million, a decrease of 50,000 claims from the previous week’s level and below the previous year’s level as well of 2.6 million. The data is consistent with other labor market indicators that show an improving job market. The number of people who claim unemployment insurance on a continuing basis has been on the downtrend from its peak of about 6.5 million in 2009. Fewer continuing claims indicate fewer layoffs and that unemployed workers are re-entering the job market. Data for continuous claims lags a week.
- For the week ending June 6, the largest increase in initial claims occurred in California (10,917) but this comes after a large decrease in claims the previous week (-7,891). This was followed by Pennsylvania (4,130), Texas (3,489), Illinois (3,008), and Florida (2,502). The largest decreases occurred in Missouri (-827), Nebraska (-195), New Mexico (-177), Kansas (-171), and North Dakota (-149).
- Claims for unemployment insurance have decreased as job openings have increased. The number of job openings increased to 5.4 million in April 2015, the highest level since job openings peaked to 4.5 million in 2006. Given the continued improvement in the job market, NAR expects 5.2 million of existing home sales in 2015, up from 4.9 million in 2014.