MetroIntelligence Economic Update by P. DUFFY
Initial unemployment claims dip slightly to 268,000
In the week ending November 13, initial unemployment claims were 268,000, a decrease of 1,000 from the previous week’s revised level. Continued claims during the week ending November 6 were 2,080,000, a decrease of 129,000 from the previous week’s revised level. However, the total number of continued weeks claimed for benefits in all programs for the week ending October 30 was 3,184,657, an increase of 618,804 from the previous week.
Share of online sales slips back to 13.0 percent in 3Q2021 as shoppers return to physical stores
U.S. retail e-commerce sales for the third quarter of 2021 fell 3.3 percent from the second quarter of 2021 versus a decline of 1.1 percent for total retail sales. Year-on-year from the third quarter of 2020, e-commerce sales rose 6.6 percent versus an increase of 13.1 percent for total retail sales. The share of e-commerce sales in the third quarter of 2021 accounted for 13.0 percent of total sales, down from 13.3 percent the previous quarter and 13.8 percent the same quarter of 2020.
New home mortgage applications up 6 percent in October but down 15.2 percent year-on-year
Mortgage applications for new home purchases decreased 15.2 percent compared from a year ago. Compared to September 2021, applications increased by 6 percent. The strong monthly gain puts MBA’s estimate of new home sales at its strongest pace since January 2021,