Recovery not as smooth as hoped: More people sought unemployment benefits last week, the second rise in three weeks, a sign the job market’s recovery is slow and uneven. Applications for unemployment benefits jumped 25,000 to a seasonally adjusted 429,000 for the week ending April 23, the Labor Department says. That’s the highest total since late January. The four-week average of applications, a less volatile measure, rose to 408,500, its third straight rise and the first time it has topped 400,000 in two months. Applications near 375,000 are consistent with sustained job creation. Applications peaked during the recession at 659,000. Unemployment benefit applications trended down for about six months, but have leveled off in recent weeks. That suggests companies could be cutting more workers. But other recent evidence shows that businesses have stepped up hiring.
Good news, but not enough to signal rebound: More Americans signed contracts to buy homes in March, but sales were uneven across the country and were not enough to signal a rebound in the housing market. Sales agreements for homes rose 5.1% last month to a reading of 94.1, according to the National Association of Realtors’ pending home sales index released today. Signings are more than 20% above June’s index reading, the low point since the housing bust. Still, the index is below 100, which is considered a healthy level. The last time it reached that point was in April, the final month people could qualify for a federal home-buying tax credit of up to $8,000. Contract signings are usually a good indicator of where the housing market is heading. That’s because there’s usually a one- to two-month lag between a sales contract and a completed deal. The pace of sales varied from region to region. The index rose 10.3% in the South, 3.1% in the West and 3% in the Midwest. It fell 3.2% in the Northeast.
