The Labor Department said initial claims for state unemployment insurance benefits increased to a seasonally adjusted 640,000 in the week ended April 18 from 613,000 the prior week.
However, the number of people claiming benefits after drawing an initial week of aid jumped 93,000 to a t 6.137 million in the week ended April 11, the most recent week for which data is available. It was the highest reading of so-called continued claims on record.
Mounting job losses have eroded household incomes, already squeezed by the collapse of U.S. house prices and stock market prices, curtailing big purchases on things like houses.
"Unfortunately, there's no sign yet of a recovery though you have the conditions for a recovery with low mortgage rates and very affordable prices," said Gary Thayer, senior economist at Wachovia Securities in St. Louis, Missouri.
The inventory of existing homes for sale fell 1.6 percent to 3.74 million from the 3.80 million overstock reported February. The median national home price rose 4.2 percent to $175,200 from February, boosted by seasonal factors. However, prices fell 12.4 percent compared to the same period a year ago.
http://uk.reuters.com/article/companyNews/idUKN2339044320090423
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
