Eye On Housing
Author Archives
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Jobless Claims Jump to 965,000
During the week ending January 9, weekly initial jobless claims soared to 965,000, the highest level since mid-August 2020. Continuing claims, which lag initial jobless claims by one week, rose by 199,000 in the week ending January 2. The labor market is struggling to recover from the COVID-19 pandemic as many states tighten business restrictions amid the resurgence of the… Read More ›
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Consumer Prices Increase in December
In December, consumer prices increased due to a jump in energy prices. However, inflationary pressures remained weak as the economy is struggling amid the COVID-19 pandemic. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.4% in December on a seasonally adjusted basis, faster than a 0.2% increase in November. Excluding the volatile food… Read More ›
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Residential Construction Offsets All the Jobs Lost in March and April
After seven consecutive months’ job gains, nonfarm payroll employment fell by 140,000 in December as virus cases surged. The unemployment rate was unchanged at 6.7% in December. Total construction industry (both residential and non-residential) employment totaled 7.4 million in December. Residential construction employment rose by 22,700 in December to 3.0 million. In the past eight months, residential construction added 472,500… Read More ›
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Jobless Claims Were Little Changed
During the week of New Year’s, weekly initial jobless claims totaled 787,000, little changed from the previous week. Continuing claims, which lag initial jobless claims by one week, decreased by 126,000. Weekly initial jobless claims peaked at nearly 7 million in the spring of 2020 and have remained at around 0.8 million since the fall of 2020 and into 2021,… Read More ›
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Home Price Appreciation Continued in October
In October, national home price appreciation reached all-time high. Home prices in all 19 major markets increased. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 22.3% in October, faster than an 18.6% increase in September. It marks the highest annual growth rate in the… Read More ›
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Jobless Claims Rise to the Highest Level Since Early September
In the week ending December 12, weekly initial jobless claims increased to 885,000, the highest level since early September. Continuing claims, which lag initial jobless claims by one week, decreased by 273,000. The number of initial jobless claims increased in the first two weeks of December as cities and states tightened COVID-19 restrictions. According to the Unemployment Insurance Weekly Claims… Read More ›
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Jobless Claims Rise to 853,000
In the week ending December 5, weekly initial jobless claims increase to 853,000, the highest level since mid-September. Continuing claims, which lag initial jobless claims by one week, ticked up for the first time after twelve consecutive decreases. There is no doubt that the labor market is recovering from the COVID-19 pandemic gradually. However, increases in both initial jobless claims… Read More ›
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Consumer Prices Increase in November
Both headline inflation and core inflation increased to 0.2% in November after three straight months of deceleration. In November, the monthly increase in the CPI was broad-based, though inflationary pressures remained weak. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.2% in November on a seasonally adjusted basis, after no change in October…. Read More ›
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Residential Construction Is Recovering Faster Than Non-Residential Construction
Job gains slowed sharply in November as the COVID-19 surge continued. Nonfarm payrolls increased by 245,000 in November, and the unemployment rate fell to 6.7%. Total construction industry (both residential and non-residential) employment totaled 7.4 million in November. Residential construction employment rose by 15,400 in November to 2.9 million. In the past seven months, job gains in residential construction offset… Read More ›
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Jobless Claims Fall to 712,000
During Thanksgiving week, weekly initial jobless claims declined to the lowest level since the end of March. Continuing claims, which lag initial jobless claims by one week, continued a downward trend for the week ending November 21. The labor market has been recovering from the COVID-19 pandemic gradually for the past eight months. However, it is worth noting that a… Read More ›