Weekly initial jobless claims fell a scant 6,000 in the latest week to 462,000, while the 4-week moving average edged up 5,000 to 475,500. Continuing claims increased 37,000 to 4,558,000.
The chart above speaks for itself. The downward trend in weekly jobless claims has ended for now, and the level remains uncomfortably high.
Although most economic indicators continue to flash cautiously-positive signals, weekly jobless claims highlight that the labor market remains depressed and that we are unlikely to see any job creation in the near term.
The high level is also an indication that the shallow economic recovery remains in a fragile state, and companies are not seeing much in the way of economic growth, as they continue to keep a close eye on payrolls.
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