A U.S. government report confirmed that initial claims for unemployment benefits declined to the lowest level since 2009, sending a ripple effect of positive growth to housing. The jobless rate fell to 8.3% from 8.5% the previous month. Senior economist at PNC Financial Services Group, Gus Faucher, said the data is further proof that the recovery solidified in late 2011.
Faucher added that the likelihood of and even stronger recovery is growing. An increase in job growth can contribute to a stronger rebound in housing. The ripple effect of positive job growth has a positive impact on many areas of the housing industry.