Jobless claims rise, then jobless claims fall. And the cycle repeats itself. This week claims fell 19,000 to 457,000, while the 4-week moving average slipped 1,500 to 462,750.
But as the chart below reveals, claims are range-bound.
Until we see a significant drop in weekly claims (below 400,000), job creation is likely to remain weak. And recent data suggest that the already fragile and uneven recovery has moderated in recent weeks (see Fed takes dimmer view on economy).
This is not good news for those who fear a layoff or those who are looking for work.
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