By the numbers: The number of Americans seeking unemployment aid plummeted last week to a seasonally adjusted 339,000, the lowest level in more than four years, the Labor Department reports this morning. The sharp drop offers a hopeful sign that the job market could pick up. But a Labor Department spokesman cautions that the weekly applications can be volatile, particularly at the start of a quarter. And the spokesman says one large state, which he did not name, accounted for much of the decrease. More details are available in the full story here.
Some on their way up: The U.S. trade deficit increased by 4.1% between July and August to $44.2 billion as exports fell to the lowest level in six months, a worrisome sign that a slowing global economy is cutting into demand for American-made goods. The Commerce Department reports this morning that U.S. exports dropped 1% to $181.3 billion. Demand for American-made cars and farm goods declined. Imports edged down a slight 0.1% to $225.5 billion as purchases of foreign-made autos, aircraft and heavy machinery slowed. The cost of oil imports rose sharply. You’ll find the complete details in the full story here.
Some on their way down: U.S. foreclosure filings dropped to a five-year low in September as fewer homes were on track to be seized by lenders. It was the second consecutive monthly decline in filings, although there remains a sharp divergence along state lines, according to a report released today by foreclosure listing firm RealtyTrac Inc. On a national level, overall foreclosure filings last month—including home repossessions—fell 7% from August and 16% from September 2011. There were 180,427 foreclosure filings reported for September, the fewest since July 2007, the middle of the housing market bust. Read the full story here.
