Jobs and Housing

The big news today on Wall Street is the increase of new claims for unemployment to 500,000 for last week. The labor market continues to be very weak. This disrupts other encouraging signs that the US economy is regaining its footing.

Equally bad, the news on home prices in Massachusetts released today showed a double digit decrease for most of the state as compared to last year. With more foreclosures and the pent up sales pressure for homes not yet on the market, it will take several more years for things to turn around.