Jobless Claims Jump

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What's Happening Today

Good morning! It's Kristin with your daily morning digest.

The number of people filing for unemployment for the first time (what's known as initial jobless claims) unexpectedly rose for the first time last week, after three straight weeks of declines. Though the figure jumped more than expected to 248,000, jobless claims are still holding close to their pre-pandemic levels. January's jobs report saw a surprising spike of jobs added to the U.S. economy, despite concerns that the latest surge of the omicron variant of COVID-19 would weaken the labor market.

Since the jump in jobless claims last week will likely overlap with the time period covered in the Labor Department's next jobs report survey, there is a chance February's report might have some unwelcome surprises.

In the housing market, construction of new homes dropped by 4.1% in January, the first decline since September 2021. The lack of homes available for purchase and the rising cost of materials have contributed to the surge in home prices, making the homebuying process increasingly more difficult.

But good news for anyone hoping to buy a house: the number of building permits and homes authorized to be built (that haven't yet started construction) were up in January, so there may be more houses on the market in the future.

Don't miss our final Instagram Live conversation on homebuying Tuesday, Feb. 22, at 4 p.m. Eastern. We'll be talking with Patrice Washington, host of the "Redefining Wealth" podcast, author, and #MoneyMaven of the "The Steve Harvey Show."

- Kristin

Editors' Picks

Jobless Claims Unexpectedly Rise, Fewer Houses Started (The Balance)

Big Oil Pulls Everything Higher, Especially Gas (The Balance)

The Return of 'Revenge Travel': As Omicron Wanes, Americans Eagerly Book Vacations (The Washington Post)

Regulator Explores Financial Exploitation in Prisons (The Balance)

Off the Charts

The pandemic housing boom appears to be making an impact on one longstanding area of racial disparity.

More of the nation's real estate wealth is going to Black homeowners, according to the latest data from the Federal Reserve.

Number of the Day

$25,000 - That's how much people with federal student loans could have wiped from their balance under a new bill that stakes a middle ground between two past proposals.

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