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 jobless claims.

  • The number of people filing for unemployment checks for the first time fell again and is now at the lowest level in President Obama’s Presidency.  The current weekly figure implies a much slower rate of job cuts.  If sustained, it would generally correspond to about 2.5 to 3 million net new jobs for the year.  Even during a booming economy, American dynamism goes hand-in-hand with some getting fired or laid off while other companies hire new workers.
  • Though the lay-off pace is evidently falling, there are still a sizable number of people who are long-term unemployed.  There are over 5 million people who have been out of work for longer than 6 months.  That is well above the historical average.
  • Overall, the job market is improving though there is still a way to go before the long-term unemployed figures get back to normal.