In each Economic Update, the Research staff analyzes recently released economic indicators and addresses what these indicators mean for REALTORS® and their clients. Today’s update discusses the latest data on unemployment insurance claims.
- Fewer initial claims for unemployment insurance were filed in the week ending November 16, an indication of improving job stability. There were 323,000 claims filed by those starting a period of unemployment, 21,000 less than the previous week’s figure.
- The unemployment rate remains tame across states: for the week ending November 2, no state experienced a rate of unemployment that that was high enough to trigger the extension of additional benefits on the Extended Benefits Program.
- For the week ending November 9, the states that reported the largest increases in initial claims were California (+4,737), New York (+2,853), Pennsylvania (+2,711), Michigan (+2,271), and New Jersey (+2,210). The largest decreases were in Florida (-1,055), Kentucky (-580), Ohio (-409), Kansas (-169), and Puerto Rico (-144).
- What this means for REALTORS®: Greater job security and certainty is good for the real estate industry that depends on long-term job stability.