Daily News 11/13/14

November 13, 2014

Thursday – November 13

The Labor Department reported this morning that Americans filing for first time unemployment benefits rose in the latest week, but continue to remain near multi-year lows. Weekly Initial Jobless Claims were up 12,000 in the latest week to 290,000, which was above the 280,000 expected. Claims have remained below the 300,000 level for nine straight weeks, a feat that has not occurred since 2000. However, there are 18.2 million Americans that they can’t find a full-time job, which is not a good sign five years into an economic recovery.

In the foreclosure arena, RealtyTrac reported that foreclosure filings, including default notices, scheduled auctions and bank repossessions, rose for the second straight month in October. Filings were up 15% from September to October, but are lower by 8% from year ago levels. The 15% was the largest month-over-month increase since foreclosure activity topped out back in March 2010. Properties scheduled for foreclosure totaled nearly 60,000 in October, up 24% from the previous month and up 7% from last year this time.

The Bureau of Labor Statistics reported today that U.S. employers hired workers at a rapid pace in September, as evidenced by the Job Openings and Labor Turnover Survey (JOLTS). There were 5 million employees added to the staffs in September, which was the strongest pace since the last recession began back in 2008. In addition, the rate at which employees quit their jobs rose to a six-year high, a sign that Americans are confident that they can seek employment elsewhere.