Jobless claims decline nationwide to begin August

Jobless claims were down by 7,000 during the most recent week.The U.S. Department of Labor's most recent unemployment report revealed jobless claims declined significantly for the week ending August 6.Overall, 395,000 claims were filed, which is 7,000 fewer than the previous week's total. The decline in claims comes as surprise to some experts, who figured the country's recent economic turmoil would lead to a hgher jobless rate. Economists with Bloomberg predicted 405,000 claims.Regardless of the recent duress, companies have slowed their firings thus far, even though many have stopped hiring as well. The lack of hiring has impacted consumer spending nationwide. Combined with last week's credit rating downgrade and the deficit debates, more businesses may now be even more reluctant to hire additional employees.”We don't see any more deterioration in the labor market,” Eric Green, chief market economist at TD Securities n New York, told Bloomberg. “I don't see any panic among businesses to shed workers, but you have some reluctance to hire workers.”In Texas, employment has improved, which has affected it housing sector. The Houston real estate market has received boosts in employment during the last several years, as the city is among the nation's best in terms of job growth.Courtesy of 2M Realty News

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