Weekly jobless claims disappoint
Weekly initial jobless claims edged up 4,000 to 558,000 and the four-week moving average increased by 8,500 to 565,000. Jobless claims have been heading in the right direction, but progress has been painfully slow.
Continuing claims fell 141,000 to 6.2 million, and that’s good news, but it’s unclear if the steep drop occurred as more people found jobs are six months of standard benefits ran out.
I believe the economy has bottomed and a slow recovery has begun, but the labor market is lagging behind and weekly claims remain unacceptably high.
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