Now well-embedded above the psychologically dampening threshold of 400K, the latest weekly jobless claims tally held at about the same level seen over the past several weeks. Still, while the report is surely full of lowlights, it does include one bright spot that illustrates a labor market condition not yet anywhere near natural state.
Weekly Initial Jobless Claims for the period ending June 4 increased by another 1,000 above last week?s revised rate, to 427K. Thus, over the last three weeks, we?ve recorded 429K, 426K and now 427K new benefits filers. Remember, we have been unscientifically tracking the enthusiasm of the stock market in relation to the claims filings and there is an unscientifically obvious correlation ? you run the regression. As jobless claims broke under 450K and then 400K for the first time, stocks rejoiced the coming of the new old economy, or recovery in drab-man?s terms. Just as
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