The signs that the thus-far fairly pedestrian economic recovery is taking hold continue to build. The latest sign is a big jump in home construction and building permits, which track what's going on now and what's likely to come.
Home construction jumped 15 percent to a 4-year-high, while building permits jumped 11.6 percent. There have been positive signs in the Myrtle Beach area single-family home market and elsewhere, as well as in the Case-Shiller Index of national home prices, that real estate has finally gotten up off the mat and is returning to being a strength of the economy, rather than a drag. It's not nearly where it was at the height of what we now know was a housing bubble, but it is clearly trending in the right direction.
That's in addition to a stronger than-expected consumer spending report on retail sales and a jobs market that is firming?as well. Tomorrow morning's initial weekly jobless claims report will be something to watch. There was an unexpectedly large drop last week in the claims, in part because one state did not get in its paperwork in time to be counted. If those claims just revert back to where they were before last week, in the high 360,000s, that's a good level, meaning that the strength we had been seeing in previous weeks has been holding. But if it actually comes in at a lower figure, that would suggest the jobs market may have also hit another gear.
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