Episode 7: Home prices and jobless claims on the rise

Earlier this week, President Joe Biden touted the country’s economic growth since he took office, but the latest economic data show that progress may not be as sturdy as experts would like.

The Department of Labor released new unemployment data Thursday showing a major spike in new jobless claims, meaning more Americans are filing for unemployment for the first time even as concerns grow over the Delta variant of COVID. The jobless increase came as a surprise to many experts, who hoped the U.S would continue an overall downward trend as the economy recovers from the pandemic-related economic shutdowns.

The troubling unemployment data comes amid continued debate over the efficacy of the $300 federal weekly unemployment payments passed by Congress that are in addition to state benefits. More than two dozen states have announced they will turn away the federal benefits, citing business owners who say they are unable to fill positions despite the elevated unemployment.

Meanwhile, home prices increased at a rapid rate in the last year.

The National Association of Realtors said Thursday that the median existing-home sales price increased by 23.4% from June 2020 to June 2021, the second highest recorded since January 1999.

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