Eye On Housing
Author Archives
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Deflationary Pressure: Largest Monthly Drop in the “Core” CPI in April
The CPI declined for the second straight month and the “core” CPI posted the largest monthly drop in the history of data series. Like many other economic indicators, the recent declines in the CPI and the “core” CPI reflected economic weakness associated with the COVID-19 pandemic. The Consumer Price Index (CPI), released by the Bureau of Labor Statistics (BLS), declined… Read More ›
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Payroll Employment Plunged in April
Total payroll employment fell by 20.5 million in April and the unemployment rate soared to 14.7%. Residential construction employment decreased by 415,000 in April to 2.5 million. This drop brought the current level of residential construction employment back to the level in December 2015 (2,538,000 jobs). Total construction industry (both residential and nonresidential) employment dropped by about 1 million to… Read More ›
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Another 3.2 Million Jobless Claims Filed
According to the Unemployment Insurance Weekly Claims Report, released by the U.S. Department of Labor, the number of initial claims for unemployment insurance hit 3.2 million for the week ending May 2nd, bringing the total to 33.5 million over the past seven weeks. In the week ending May 2nd, the number of people who applied for unemployment benefits, known as… Read More ›
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Jobless Claims Reach 30 Million Over the Past Six Weeks
The U.S. Department of Labor released the Unemployment Insurance Weekly Claims Report for the week ending April 25th. As the impact of the COVID-19 pandemic continues, the number of initial claims for unemployment insurance hit 3.8 million, bringing the total jobless claims to 30.3 million over the past six weeks. In the week ending April 25th, the number of people… Read More ›
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GDP Declines for First Time Since 2014
The U.S. economy declined in the first quarter of 2020 due to the impact of the COVID-19 pandemic. Consumer spending, gross private domestic investment, exports and imports all decreased. According to the “advance” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) decreased at an annual rate of 4.8% in the first quarter of 2020,… Read More ›
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Home Price Appreciation Continues in February
In February, national home price appreciation continued prior to COVID-19 shutdown. All 20 metro areas had positive home price growth rates. However, price growth will certainly decline in the coming months as nonessential businesses shut down and jobless claims soar. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted… Read More ›
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U.S. Weekly Jobless Claims Hit 4.4 Million
The U.S. Department of Labor released the Unemployment Insurance Weekly Claims Report for the week ending April 18th. With the impact of the COVID-19 pandemic, the number of initial claims for unemployment insurance continued to rise, bringing the total jobless claims to more than 26 million over the past five weeks. In the week ending April 18th, the number of… Read More ›
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Additional 5.2 Million Jobless Claims
The U.S. Department of Labor released the Unemployment Insurance Weekly Claims Report for the week ending April 11st. With the impact of the COVID-19 pandemic, over 22 million Americans filed for unemployment insurance over the past four weeks. In the week ending April 11st, 5,245,000 Americans filed first-time claims for unemployment insurance, known as jobless claims, on a seasonally adjusted… Read More ›
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Consumer Prices Drop Sharply in March
In March, the “core” CPI dropped for the first time in more than ten years, impacted by the COVID-19 pandemic. The Consumer Price Index (CPI), released by the Bureau of Labor Statistics (BLS), declined by 0.4% in March on a seasonally adjusted basis, following an increase of 0.1% in February. It is the largest monthly decline in the CPI since… Read More ›
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Jobless Claims Hit 6.6 Million Last Week
The U.S. Department of Labor released Unemployment Insurance Weekly Claims Report for the week ending April 4th. In the past three weeks, about 16.8 million Americans filed for unemployment insurance due to the impact of the COVID-19 crisis. In the week ending April 4th, the number of people who applied for unemployment benefits, known as jobless claims, reached to a… Read More ›