Eye On Housing
Author Archives
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Weekly Jobless Claims Fall as A New Methodology Applies
Both weekly initial jobless claims and continuing claims, which lag initial jobless claims by one week, declined, mainly reflecting a change in the methodology from the Labor Department. Starting in September 3, 2020, instead of multiplying the unadjusted number by the seasonal factor, the Bureau of Labor Statistics (BLS) has decided to use the additive method to seasonally adjust the… Read More ›
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Home Price Appreciation Continues in June
National home prices increased modestly in June. While Las Vegas, San Francisco, New York, Chicago, Seattle, Boston and Cleveland experienced price declines, Charlotte posted the strongest annual growth rate among the 19 metro areas in June. 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… Read More ›
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Weekly Jobless Claims Jump to Over 1.1 Million
Weekly initial jobless claims jumped back to above 1 million in the week ending August 15. Continuing claims, which lags initial jobless claims by one week, has declined for three weeks in a row. This week’s data indicate that the road to economic recovery may not be smooth, but bumpy. The U.S. Department of Labor released the Unemployment Insurance Weekly… Read More ›
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Initial Jobless Claims Fall Below 1 Million for the First Time Since Mid-March
Weekly initial jobless claims decreased below 1 million in the week ending August 8. Continuing claims, which lags initial jobless claims by one week, has declined for two weeks in a row. It is encouraging to see decreases in both jobless claims and continuing claims. More people are returning to work and the labor market is recovering gradually from the… Read More ›
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Gain for the “Core” CPI in July
In July, overall inflation remained unchanged from the previous month, while core inflation accelerated. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.6% in July on a seasonally adjusted basis, the same increase as in June. Excluding the volatile food and energy components, “core” CPI rose by 0.6% in July, after an increase… Read More ›
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Job Market Gains Continue
Surpassing recent dampened expectations, total payroll employment rose by 1.8 million and the unemployment rate declined to 10.2% in July. The U.S. labor market continues to recover from the COVID-19 crisis. Residential construction employment rose by 24,000 in July to 2.8 million. Total construction industry (both residential and nonresidential) employment rebounded to nearly 7.2 million in July. It is worth… Read More ›
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Initial and Continuing Claims Decline
Weekly initial jobless claims decreased in the week ending August 1 after two weeks of increases. Continuing claims, which lags initial jobless claims by one week, dropped by 844,000 in the week ending July 25. Although jobless claims remain at historically high levels, the decreases in initial jobless claims and continuing claims indicate that labor market is recovering gradually from… Read More ›
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Initial Jobless Claims Rise for the Second Straight Week
Weekly initial jobless claims increased for the second straight week in the week ending July 25. Continuing claims, which lags initial jobless claims by one week, increased to 17.0 million in the week ending July 18. The increases in initial jobless claims and continuing claims indicate that the rehiring process are slowing as the number of coronavirus cases rises and… Read More ›
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U.S. GDP Contracted 32.9% in the Second Quarter
The U.S. economy fell at its fastest pace on record in the second quarter of 2020 as economic activities were canceled or restricted amid the COVID-19 pandemic. The economy will start to bounce back as restrictions are lifted and economic activities increase. According to the “advance” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP)… Read More ›
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Home Price Appreciation Slows in May
Home prices continued to increase in May, but at a slightly slower pace compared to last month. 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 1.6% in May, following a 5.0% increase in April. On a year-over-year basis, the S&P CoreLogic Case-Shiller U.S. National… Read More ›