Jobless claims signal stability, but low hiring
The number of Americans submitting new state unemployment filings hit 214,000 last week, up a modest 6,000 from the week before. That’s according to advanced seasonally adjusted figures from the U.S. Department of Labor.
Although it was above the expectations of some economists, such as those polled by Reuters, the number showed “consistent stability even through oil shocks and headline-making layoff announcements,” wrote Bankrate financial analyst Stephen Kates in a LinkedIn post. Some of those high-profile layoffs include those reportedly planned by tech giant Meta.
The Labor Department also reported a 750-claim increase in the four-week moving average of jobless claims, coming in at 210,750. The department also revised the number of claims posted the week before ending April 11 by 1,000, and it increased the four-week average by 250 claims.
The seasonally adjusted unemployment rate, which shows the number of Americans currently receiving unemployment insurance, stayed flat at 1.2% for the week ended April 11. But the number of people receiving unemployment insurance that week was up 12,000 from the revised level the week before, indicating that once an employee loses a job, it’s hard to get a new one.
Cooling labor market could loom for construction workers
February's construction jobs rose year over year, but a bleaker monthly picture could signal slowing building patterns.
Thirty U.S. states and Washington, D.C., gained construction jobs between February 2025 and February 2026, according to the Associated General Contractors of America’s analysis of data from the Bureau of Labor Statistics. Two states saw flat annual construction jobs and 18 saw contractions, with Texas adding the most jobs at 24,000, or 2.7%, and California losing the greatest number at 10,300 positions for a 1.2% decline.
But only 22 states saw monthly construction job growth between January and February, AGC found, with 27 states and D.C. seeing employment dip. South Dakota’s construction employment was unchanged. Florida added the most jobs between January and February with 1,100 positions, or a 0.2% increase, and New Jersey reported the biggest decrease, down 3.5%, or 5,900, of its construction jobs.
“Severe winter weather in late January and February probably led to a drop in the number of states with one-month job gains,” said Ken Simonson, chief economist for the Arlington, Virginia-based trade group. “But construction is slowing in many parts of the country, apart from areas with data center, power, and large manufacturing projects, as other owners hold back on starting projects.”
Mortgage rate "lock-in effect" may be easing
With the spring homebuying season well underway nationwide, some sellers may be loosening their grips on their historically low interest rates.
Survey data released Thursday from Coldwell Banker Real Estate’s 2026 home shopping season report found that more than one-third of sellers working with Coldwell Banker agents have mortgage rates below 5% and hope to sell this spring.
“Working through the lock-in effect will take time,” Jason Waugh, president of Coldwell Banker Affiliates, said in a release. “But we are starting to see early signs that it is loosening, particularly in the Midwest and in the West, which could have a meaningful impact on inventory.”
Among other key trends found in the report, about 20% of buyers working with Coldwell Banker agents had previously paused their home searches in the last two years before deciding to re-enter the market this spring. Meanwhile, 31% of agents reported that climate risks are greater factors than a year ago, a figure that’s higher in the South and West.
Survey data also shows a regional divide in what agents consider to be buyers’ or sellers’ markets. About 70% and 74% of Coldwell Banker agents in the Midwest and Northeast, respectively, consider their markets to be sellers’ markets, compared to 22% in the West and 13% in the South.
Across the country, only one-quarter of agents consider their markets to be balanced.