Initial claims for unemployment insurance fell to under 500,000 for the first time in more than a year, a further indication ahead of this morning’s employment report that the nation’s economic recovery—and rapid jobs creation—continue to gain steam.
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1Q GDP Report Shows Accelerating Economy
Real gross domestic product increased at an annual rate of 6.4 percent in the first quarter—the fastest such pace in more than 36 years—according to the first (advance) estimate released yesterday by the Bureau of Economic Analysis.
Fed Statement Cites Ongoing Risks to Growing Economy
The Federal Open Market Committee yesterday, to no one’s surprise, left the federal funds rate unchanged at 0-0.25%. But analysts, including Mortgage Bankers Association Chief Economist Mike Fratantoni, were more interested in what the FOMC had to say about economic conditions and rising inflation.
Consumer Confidence at 14-Month High
The Conference Board, New York, said its Consumer Confidence Index rose sharply again in April, following a substantial gain in March, to its highest level since February 2020.
Existing Home Sales Fall 2nd Straight Month Amid Record-High Prices
Existing home sales fell in March, marking two consecutive months of declines, the National Association of Realtors reported yesterday, even as the market saw record-high home prices and gains.
March Housing Starts Post at Highest Rate in 15 Years
Housing starts recovered from a sluggish February to its highest rate since 2006 in March, HUD and the Census Bureau reported Friday.
Unemployment Claims Up 2nd Straight Week
Initial claims for unemployment insurance rose for the second straight week, the Labor Department reported yesterday, but their impact appears to have diminished amid stronger jobs reports and a growing U.S. economy.
March Jobs Report: Full Steam Ahead
Another sign that the U.S. economy is heating up: the Bureau of Labor Statistics on Friday reported total nonfarm payroll employment rose by 916,000 in March, while the unemployment rate fell to 6 percent.
Initial Claims Rise; Trend Stays Positive
Initial claims for unemployment insurance rose by more than 60,000 last week—a setback after the previous week’s sharp drop. But the Labor Department said the positive downward trend is likely to continue.
Consumer Confidence Hits Highest Level Since Pandemic
The Conference Board, New York, said its Consumer Confidence Index jumped by nearly 20 points in March to its highest reading in a year, after a modest increase in February.