• Housing starts dropped 4.3% in December from November.
• Single-family starts fell while multifamily starts increased for the fourth consecutive month.
• The Northeast experienced the largest drop in housing permits.
• PNC expect homebuilding to be a positive for growth in 2024 with lower mortgage rates.
• Initial claims for unemployment insurance (UI) fell by 16,000 to 187,000 in the week ending January 13, the lowest level in the past year.
• Continuing UI claims fell by 26,000 to 1.806 million in the holiday shortened week ending January 6, a third straight large weekly decline.
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WASHINGTON, DC – U.S. Senator Gary Peters (MI) released a video message to commemorate Martin Luther King Jr. Day ahead of the holiday on Monday, January 15th, 2024:
“As we celebrate the life and legacy of Dr. Martin Luther King, Jr., it’s an important time to honor and reflect on the causes he dedicated his life to. Through his words and in his actions, Dr. King led a movement across America, inspiring us to stand up to injustice and live a life of service to others. Despite every obstacle, he held an enduring love for his country, and he believed in a better future for America,” said Senator Peters. “On this MLK Day, let’s recommit ourselves to his cause by doing what’s right: taking action, serving our communities, and standing up for the rights of all people.”
• Initial claims for unemployment insurance (UI) fell by 1,000 in the holiday shortened week ending January 6 and remain very low on an historical basis.
• Continuing UI claims fell by 34,000 in the week ending December 30, indicating that firms are not laying off workers but are cutting back on hiring new ones.
