In what has to be a disappointing report for those who have been very bearish on the economy, first time filers for unemployment claims unexpectedly fell to a four week low.
Weekly jobless claims declined by 16,000 to 414,000, and the 4-week moving average was unchanged at 424,750. Continuing claims dipped 21,000 to 3.68 million.
Weekly jobless claims snuck above 400,000 in early April, was one of the first warning signs the economy was headed for a bump in the road, and has held above the key psychological level ever since.
Yes, we’re still above 400,000, highlighting the fragile and slow recovery from the worst recession in over 70 years.
But the larger-than-expected drop and recent stability in this key measure of activity is among the clearest indicators that the economy is not headed back into another slump.
0 comments:
Post a Comment