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Housing Portents, Poor in Tents – Professional Edition

This report updates the total employment chart data through Thursday June 3, pending homes sales (contracts), and the mortgage applications index.

Updated weekly claims data shows that the employment picture is not improving. The labor force continues to shrink dramatically while the total number working edged to a new low in the week ended May 22. This shrinkage of total employed is unprecedented since the Great Depression. This is bad news for the housing market.

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