Jobless claims plummeted by 19,000 filings to 284,000 for the week ended July 19, the lowest level for initial claims since Feb. 18, 2006. But it's what is hidden behind the numbers that is important to note.
The actual number of initial unemployment claims under state programs was 269,689 for the week ending May 10. That’s down 19,059 from the previous week, and significantly beat analyst expectations, which had predicted an increase of 2,887.
The unemployment rate dropped from 6.7% to 6.3%, largely on 806,000 people dropping out of the workforce. But, analysts note that the question remains as to whether the improvement is a catch up from adverse weather.
The financial sector experienced the largest number of layoffs in February compared to other sectors, but unlike recent reports, the cuts follow successful companies taking proactive steps in adjusting to new realities.
One by one, they filed into the city council chambers. They took their seats and waited their turn, and once there weren’t any seats left, they moved to the seldom-used overflow seating. When the overflow seating filled, they moved to the civic center so they could watch the meeting on a closed-circuit feed..
It’s a new world, and in this new world, data is more crucial than ever. Getting the best data possible, and then being able to interpret that data to improve performance, will be a competitive edge that no company in the mortgage finance space can do without in the current environment of volume contraction. Read More
Only seven or eight years ago, mortgage fraud was one of the top stories in the industry. It was quite common to see stories estimating losses in the millions, with some experts suggesting that these numbers were only the tip of the iceberg. Lenders and their partners scrambled to strengthen their fraud-prevention strategies. Read More