Bedford Corners NY Real Estate Market | The Effect of Jobless Claims

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 jobless claims.

• Employment conditions are improving, albeit tepidly, based on claims for unemployment insurance for the week ending June 2 released today by the Department of Labor
• 377,000 initial claims for unemployment insurance were filed under the regular state programs; although this is lower than the 389,000 claims (revised) filed the previous week, the less volatile 4-week moving average has been trending upward since last month and is now at 377,750.
• The insured unemployed, or those who have continuing insurance claims, now stands at 3.29 million.
• Though robust economic and job growth is not occurring, the U.S. economy still looks to add about 1.5 to 2 million net new jobs in 2012.  That further enlarges the pool of potential homebuyers.