Eye On Housing
Author Archives
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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 ›
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Initial Jobless Claims Rise
Weekly initial jobless claims increased to 1.4 million in the week ending July 18, breaking the downward trend since April 4. Continuing claims, which lags initial jobless claims by one week, declined to 16.2 million the week ending July 11. The increase in initial jobless claims reflected another wave of closures and the pause of reopening procedures in some states… Read More ›
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Initial Jobless Claims Decline Slightly
Weekly initial jobless claims declined slightly in the week ending July 11 and continuing claims, which lags initial jobless claims by one week, declined to the lowest level since the week ending April 11. The data indicate that people return to work, albeit slowly, as states reopen economic and social activity. The labor market has gradually improved, but it has… Read More ›
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Consumer Prices Rebound in June
After three straight months of declines, both the CPI and the “core” CPI rebounded in June as the economy reopened. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.6% in June on a seasonally adjusted basis, after three straight monthly declines. It was the largest monthly increase in the CPI since August 2012…. Read More ›
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Initial and Continuing Jobless Claims Decline
Weekly initial jobless claims continued to decrease in the week ending July 4 and continuing claims, which lags initial jobless claims by one week, declined to about 18.1 million in the week ending June 20. The data indicate that the labor market is gradually recovering from the COVID-19 crisis as states reopen and workers return to work, albeit slowly. The… Read More ›
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U.S. Added 4.8 Million Jobs in June
In June, total payroll employment rose by 4.8 million and the unemployment rate dropped to 11.1%. The June data indicate that labor market is recovering from the COVID-19 crisis, though the road to a full recovery may be long. Residential construction employment rose by 83,200 in June to 2.8 million. Total construction industry (both residential and nonresidential) employment rebounded to… Read More ›
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Initial Jobless Claims Continue to Decline
While weekly initial jobless claims decreased for the 13th straight week, continuing claims, which lags initial jobless claims by one week, rose by 59,000 in the week ending June 20. The labor market is gradually recovering from the COVID-19 crisis as workers return to work, albeit slowly, and a full recovery of labor market may take a while with an… Read More ›
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Annual Home Price Gains Remain Strong in April
Home price appreciation continued in April despite the economic slowdown and the recent declines in existing home sales due to the COVID-19 pandemic. 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 5.8% in April, after a revised 6.9% increase in March. On a year-over-year… Read More ›