Market Updates
Weekly Claims Drop to a 5-Year Low, Housing Starts Soar
Nichole Harper
17 Jan, 2013
New York City
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Initial jobless claims filed at the last week declined to the lowest level last seen in January 2008, however continuing claims filed increased 87,000. Separately, housing starts soared 12.1% in December on a surge in multifamily unit construction.
Weekly Jobless Claims Fall
Weekly unemployment claims filed in the last week declined by 37,000 after adjusting for seasonality to 335,000, the lowest since January 2008. The Labor Department said the weekly decline was the largest since February 2010.
The four-week moving average for initial claims declined 6,750 to 359,250.
The number of continuing claims filed with states increased 87,000 to 3.21 million in the week ended January 5.
The last time initial claims were this low was in a week in January 2008, a month after the Great Recession began and surged to more than 500,000 a week starting in November 2008 and stayed high for a year well into the financial crisis when the claims peaked to 667,000 in March 2009.
Housing Starts Soar 12%
The Commerce Department said housing starts increased 12.1% in December to annual rate of 954,000, the highest since June 2008.
Starts were helped by the surge of 20.3% in multifamily unit construction and single family starts rose 8.1%. Building permits for home construction increased 0.3% to a 903,000 annual rate, the highest since 2008.
Boeing declined 0.8% and extended the loss of 2% in last two days of trading after the United States and Japan grounded all of 787 Dreamliners after a second incident that involved a batter overheating incident.
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