Leading into tomorrow’s highly anticipated monthly labor report, here’s the last in the series of recently updated charts that lay the S&P Case-Shiller Home Price Index up against other economic data, in this case, the year-over-year change to nonfarm payrolls (see here, here, here, and here for the first four in the set).

Second derivative-wise, things are really looking up for both housing and jobs, but, despite the promising shape of the curves above, both home prices and payrolls are still lower than they were a year ago with an uncertain near-term future, particularly for payrolls.
Current estimates are for a loss of somewhere between 50,000 and 200,000 jobs in tomorrow’s labor report, a number that will have been affected in big way by the record snowfall seen during the month of February on the East Coast.
Actually, there was one more chart in the home prices vs. other data series…



Officials at the University of California, Santa Cruz are telling employees and others to stay away from the campus because of safety concerns involving protesters.
Lu Guozhi, 50, a retired railway official, helps a friend shop for a car.
For example, during the 2001 recession, the four-week moving average exceeded the current level only four times and, during the 1991 recession, this level was surpassed for just two months. Despite the widespread belief (amongst economists, at least) that the recession ended last summer, weekly jobless claims are still about the same as when the 1991 and 2001 recessions were at their worst.


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