Unemployment Still Rising
The U.S. Department of Labor has reported that the number of seasonally-adjusted, first-time unemployment claims rose to 576,000 this week, a sign that the tumultuous employment market has not quite settled down even as the overall economy seems to be just sniffing the beginnings of a recovery. The number of folks out there conducting a job search is clearly on the rise, as anecdotal evidence in the form of blog comments and forum posts indicates heavy conversation on the topic.
Federal Reserve Chairman Ben Bernanke noted yesterday that the U.S. economy is at the earliest stages of a recovery, specifically saying, “the prospects for a return to growth in the near term appear good.” Despite that, Bernanke also noted that there are still likely to be some rough times ahead, and unemployment is likely to be one of the issues that he continues to keep an eye on.
In related news, the number of existing homes that sold in July was the largest in two years. While prices remain suppressed, and the number of sales is being driven largely by foreclosures and short sales, it’s clear that homebuyers are now getting off the sidelines, which likely signals a beginning to a much-needed housing recovery that should help the overall economy as well.
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