New Jobless Claims Still Way Too High

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New jobless claims fell a little bit, by 4,000, to 570,000. But the drop was expected to be 5,000, so that was a slight miss. And the four-week moving average edged higher. All this is small stuff, but the bottom line is that the jobs situation is not getting any better, or if it is, it’s just barely.

This is the one economic indicator that’s barely shown a hint of green shoots. There are good housing numbers (though they are holes), and there are good signs in other industries. But on jobs, its another half-a-million or so of new jobless claims, just like clockwork.

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