Well, initial claims for unemployment fell to 405,000, but it’s still above 400,000, well above where we need to have it to see a meaningful job growth (generally about 375K is where you start seeing job growth).
The 4-week moving average, as well as emergency claims fell, though the regular continuing claims rose.
The problem here is three things:
- Jobs
- Jobs
- Jobs
But unfortunately the people who are supposed to be fixing this are determined to spend their time making it worse by cutting the deficit in the near term.