Initial jobless claims rose very modestly from last week's near 7-year lows but handily beat expectations with the 4-week average at its lowest since September 2007. Of course, as Yellen explained yesterday, none of this matters as if one indicator of jobs improvement gets too strong to enable more easy money, we simply flip to another that indicates a different worse (more real) reality. Continuing Claims also dropped (beating expectations) to uits lowest since Dec 2007 (as if the whole crisis never happened).
As a reminder though from the US President...
- *OBAMA SAYS STOCK MARKET SOARING, TOO MANY AMERICANS STRUGGLING
For all those curious why layoffs and departures are so low, the answer is simple: hires are 1 million lower than they should be:
Finally, for the DOL data fanatics, enjoy the new format in which claims data is now being released: