Today’s weekly first-time unemployment claims data came in at a staggeringly low level of 235,000, the lowest weekly level since 11/24/73. The data has been strong for years and suggests very few layoffs. Additionally, October housing starts were very good! While YTD starts are up 5.9%, all important single-family starts are up a strong 10.1%. October’s seasonally adjusted annual rate of 869,000 single-family starts is the best level since 10/07!
Elliot F. Eisenberg, Ph.D.