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.
- Initial claims for unemployment insurance increased slightly in the week ending June 20 by 3,000. However, the 4-week moving average has continued to decrease to 273,750. Analysts consider a level below 300,000 to be indicative of a healthy job market marked by fewer layoffs and greater job stability.
- State-level data from January-May 2015 shows that claims have dropped significantly across most states compared to the same time frame last year. Claims have only increased in Texas (37,092), Louisiana (9,703), Oklahoma (8,465), North Dakota (4,726), West Virginia (3,660), and Wyoming (2,248). The increase in claims is likely associated with the drop in oil prices, given the significance of the oil-gas industry in these states.
- With the overall improvement in the job market, NAR expects over 2 million net new jobs in 2015 and 5.3 million in existing home sales.