Labor Department
By Mark Lieberman, Five Star Institute Economist | 05/17/2012
First time claims were unchanged at 370,000 for the week ended May 12 after the number of initial claims filed for the previous week was revised upward, the Labor Department reported Thursday. Economists had expected initial claims would decrease to 365,000. The Labor Department had initially reported 367,000 claims filed for the week ended May 5. The revision turned that report to an increase of 2,000 from a previously reported decline of 1,000. Continuing claims – reported on a one week lag – increased 18,000 to 3,265,000.
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By Mark Lieberman, Five Star Institute Economist | 05/11/2012
First time claims for unemployment insurance resumed their steady decline dipping 1,000 to 367,000 for the week ended May 5, the Labor Department reported Thursday after the previous week’s total was revised upward by 3,000 to 368,000, the highest level in five months. Economists had expected initial claims would decrease to 366,000. Continuing claims – reported on a one week lag – fell to 3,229,000), a (drop) of 61,000 from the prior week's revised figure of 3,290,000.
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By Ryan Schuette | 05/10/2012
Home prices rose by a seasonally adjusted 0.2 percent in February, the first increase since March last year, according to Lender Processing Services. The analytics and data provider said that several other indicators posted solid gains in February. Home prices averaged $195,000, the same as seen in June 2003. LPS also projected a 0.3 percent increase in national home prices on the whole come March. Of 26 metro areas surveyed by LPS and the Labor Department, only cities in California – Los Angeles, San Diego, and San Francisco – observed price declines.
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By Mark Lieberman, Five Star Institute Economist | 05/04/2012
The nation added 115,000 jobs in April, far below expectations and a drop from March’s revised payroll growth of 154,000, the Bureau of Labor Statistics reported Friday. The closely watched unemployment rate dipped again to 8.1 percent – its lowest level since January 2009 (7.8 percent) when President Obama took office – a function of a sharp drop in the nation’s labor force. Payroll gains for February and March were revised, adding 19,000 to the February numbers and 34,000 to March. The average workweek remained at 34.5 hours.
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By Mark Lieberman, Five Star Institute Economist | 05/03/2012
First-time claims fell a surprising 27,000 to 365,000 for the week ended April 28, the Labor Department said Thursday. Revisions drove the prior week's report up by 4,000 to 392,000, the highest level in five months. Economists had expected initial claims would decrease to 378,000. Continuing claims – reported on a one week lag – fell to 3,276,000, a drop of 53,000 from the prior week's revised figure of 3,329,000. The decline in continuing claims was the first in three weeks. The drop in first time claims was the largest since the report for the first week of May 2011.
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By Mark Lieberman, Five Star Institute Economist | 04/30/2012
Consumer spending grew just 0.3 percent in March, down from the 0.9 percent growth in February, the Bureau of Economic Analysis reported Monday. Economists had expected spending to be up 0.4 percent. At the same time, personal income grew 0.4 percent in March, BEA said, slightly faster than February’s 0.
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By Mark Lieberman, Five Star Institute Economist | 04/26/2012
First time claims for unemployment insurance remained over 380,000 for the third straight week for the week ended April 21, the Labor Department reported Thursday, the highest levels of the year. According to the report there were 388,000 initial claims, down from the revised 389,000 one week earlier.
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By Mark Lieberman, Five Star Institute Economist | 04/19/2012
First time claims for unemployment insurance remained over 380,000 for the second straight week for the week ended April 14, the Labor Department reported Thursday, the highest levels of the year. According to the report there were 386,000 initial claims, down from the revised 388,000 one week earlier The prior week’s report was adjusted upward by 8,000
Economists had expected initial claims would decrease (from the original report) to 365,000.
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By Mark Lieberman, Five Star Institute Economist | 04/12/2012
First time claims for unemployment insurance jumped 13,000 to 380,000 for the week ended April 7, the Labor Department reported Thursday, the highest level since the end of January. At the same time the previous week's report was adjusted upward by 10,000, wiping out what had been a four-year low and showing an increase of 4,000 initial claims instead of an originally reported drop of 6,000 for the week ending in late March. Economists had expected initial claims would increase - from the original report - to 359,000. The week-over-week jump in first time claims was the second straight of the year.
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By Ryan Schuette | 04/10/2012
Mortgage rates fell to lows not seen in a month on the heels of an underwhelming jobs report and concerns that Spain may follow Greece into default-scenario territory. Real estate Web site Zillow found interest rates for the 30-year fixed-rate mortgage zigzagging across the country, just as it fell from 3.81 percent to 3.73 percent this week. Rates for the 15-year loan hovered near 2.95 percent, while those for 5-year and 1-year adjustable-rate mortgages slumped to 2.56 percent. The Labor Department flattened expectations by reporting that the economy added only 120,000 jobs in March.
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