While the housing market is considered one of the pillars of economic recovery, it is far from the only consideration. Another important factor in economic recovery is employment. In fact, some argue that the labor market might be the most important consideration for a successful economic recovery. This is because as long as people are still losing jobs, they won’t be able to spend the money that keeps the economy moving. And, of course, increased unemployment means that eventually home payments won’t be made, and the housing market will continue to suffer.

Today, the labor market (and the economy) received another blow. Initial jobless claims leaped to a one-month high today. There have been some declines in the jobless rate since March, proving some hope that the recession might be nearing its end. However, the data released today shows that there is still a long way to go before the labor market returns to normal. And that means delays in other aspects of economic health as well.