Weekly initial jobless claims fell by 47,000 in the week ending July 11, the second consecutive drop that exceeded a decline of 40,000 and the lowest reading since the beginning of the year.
However, the Labor Department has cautioned that the timing of layoffs in the auto industry this year has made adjusting for seasonality much more difficult. I like the trend but we are going to have to wait a few more weeks in order to see if the drop is for real or just a seasonal quirk.
For a more thorough analysis, see my article at Examiner.com.
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