July 27, 2010

A WEEKLY ECONOMIC UPDATE FROM CONGRESSMAN GREGORY W. MEEKS

ECONOMIC ACTIVITY

Employment

• 31% of companies hired additional employees in the second quarter.  This marks an increase from 22% in the first quarter of 2010 and 6% in the second quarter of 2009, according to an industry survey by the National Association for Business Economics.  In addition, 39% of firms plan to hire more workers over the next six months. [NABE]

• The four-week moving average of initial claims for unemployment insurance, which smoothes for weekly volatility, is 456,000, down 7,250 from four weeks earlier.  For continued claims in the week ended July 17, the four-week moving average fell by 25,750 from four weeks earlier to 4.567 million. [Labor]

Housing

• New home sales rose 23.6% in June.  This increase exceeded market expectations.  [HUD/Commerce]

• Building permits rose by 2.1% in June, reaching an annual rate of 586,000 units.  [HUD/Commerce]

• Home values rose 0.5% in May.  This was the third consecutive increase in the FHFA purchase-only house price index.  House prices have fallen substantially less steeply during the last 12 months than during the previous year. [FHFA]

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