Confidence Crushed Despite Collapsing Jobless Claims

The trend of jobless claims continues lower (despite a modest 10k rise this week to 268k from a revised lower 258k last week). The problem is... as we have shown numerous times, this 'measure' of the labor market appears to have seasinally adjusted itself into being totally-useless as an indicator of anything factual. With Consumer Confidence for over-55s at its lowest in 2 years, it seems the job exuberance is just not rubbing off...

Consumer Confidence (red) has tumbled to two year lows (inverted) as jobless claims trend careens back near 42 year lows...

 

Nothing else matters but keeping the jobs recovery narrative alive.