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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.
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