Tag Archives: Unemployment

As the housing market experiences a burgeoning recovery with rising prices, an uptick in sales, and an increase in housing starts, Federal Reserve Governor Elizabeth A. Duke points out purchase-originations remain "subdued," especially among individuals with less than stellar credit scores. While originations are down across the board, "[t]he drop in originations has been most pronounced among borrowers with lower credit scores," Duke said at the Housing Policy Executive Council Thursday in Washington, D.C.

First-time claims for unemployment insurance for the week ending May 4 dropped 4,000 to 323,000-- once again, the lowest level in more than five years, the Labor Department reported Thursday. Economists expected initial claims to increase to 335,000. First-time jobless claims for the week ending April 27 were revised up to 327,000 from the originally reported 324,000.

In the latest in its Transition to "Normal" series, Fannie Mae's Economic and Strategic Research group examines the residential construction sector.

Hiring fell 4.3 percent in March, the same month in which payroll job growth plunged, the Bureau of Labor Statistics (BLS) reported Tuesday in its monthly Job Openings and Labor Turnover Survey (JOLTS). Data from the report indicated there were 11.2 unemployed construction workers for every available job in March, up from 9.0 in February. By industry, the number of unemployed persons per job opening also increased in the manufacturing and information sectors.

The economy added 165,000 jobs in April, and the unemployment rate dropped to 7.5.percent, its lowest level since December 2008, the Bureau of Labor Statistics (BLS) reported Friday. Economists had forecast payrolls would grow by 153,000, and that the unemployment rate would remain at 7.6 percent.

First-time claims for unemployment insurance for the week ending April 27 dropped 18,000 to 324,000, the lowest level in more than five years, the Labor Department reported Thursday. Economists expected claims to increase to 354,000 initial claims. Initial jobless claims for the week ending April 20 were revised up to 344,000 from the originally reported 342,000.

Restrained by slow wage growth, personal income rose a disappointing $30.9 billion (0.2 percent) in March--half of what economists expected--as spending rose $21.0 billion or 0.2 percent, the Bureau of Economic Analysis reported Monday. Economists had expected income to improve 0.4 percent in February and spending to increase 0.1 percent. Personal income had improved $15.2 billion in February, largely on the strength of an $80 billion increase in dividend payments. Dividend payments in March increased by $4.5 billion over February.

The Survey of Consumers Index of Consumer Sentiment dropped a bit from March to April but stayed level on a yearly basis, according to the latest release. The overall index declined to 76.4 from 78.6 in March, a drop of 2.8 percent. April 2012's index also read 76.4. According to Survey of Consumers, most of April's loss was in how consumers viewed future economic prospects: "In particular, consumers were less optimistic about the ability of the economy to continue to expand without a renewed downturn sometime in the next five years."

First-time claims for unemployment insurance dropped for only the second time in the last six weeks, falling 16,000 to 339,000 for the week ending April 20, the Labor Department reported Thursday. Economists expected 350,000 initial claims. Initial jobless claims for the week ending April 13 were revised up to 355,000 from the originally reported 355,000.

In a release, Fitch Ratings maintains its cautious view of recent gains in home prices, suggesting recent news of rising prices and sales volumes "are not moving in sync with key economic indicators that would otherwise support a sustainable price level." One of those key indicators in unemployment, which has fallen in the past several years--partly as a result of fallout in labor force participation, not an improving employment situation, Fitch says.