Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update discusses unemployment claims.
- Today’s data on the number of people filing for unemployment checks for the first time showed a decline, to 381,000, in the latest week. To be at less than 400,000 for the week is a very good sign that the broader net job creation is probably accelerating.
- By comparison, the weekly filings had been averaging 574,000 in 2009, 459,000 in 2010 and 415,000 in the first half of this year.
- Even in good economic times, there are always people who get laid off and need temporary unemployment checks to tide them over. During normal times, the weekly filings would be about 350,000.
- Jobs are critical in helping the housing market and the commercial real estate market to recover. From the low point, the U.S. economy added 2.5 million net new jobs. Still, we should be mindful that 8 million jobs were lost during the 2008/2009 economic recession – the sharpest downturn since the Great Depression. So much more job creation is needed just to re-employ those who have been on the unemployment dole. Further, there are recent high school and college graduates who are looking for jobs.
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