The number of people applying for unemployment benefits fell last week to the lowest level since early April, a sign that layoffs were easing and that hiring might pick up. The American economy added 80,000 jobs in October, and job growth in the two previous months was much stronger than first thought, an encouraging sign as the nation searches for a way out of the jobs crisis. The U.S. unemployment rate dropped in July to deliver the labor market's best performance in a year, and while the decline was slight it was enough to raise hopes that the economy is on the cusp of a recovery.A report from the Commerce Department showed that home builders broke ground on a seasonally adjusted annual rate of 628000 homes last month. That is roughly half the 1.2 million that economists equate with a healthy housing market. Several builder analysts have upgraded various public builders recently, expecting a turnaround in the sector sometime next year. Housing starts rose significantly in September, but that was largely on the back of the multi-family sector, responding to increased rental demand. Expectations for October starts are flat to lower. Read more....
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