Building on the positive Chicago PMI report yesterday, jobless claims came in better than expected this morning. The number is still distressingly huge, with implications that cannot be good, but the trend seems to be a reduction in the numbers of jobs lost. The number of initial claims is the lowest since the summer of 2008. It is important to remember that an object in motion needs to slow down before it can go into reverse. So a slowdown in the employment slide is an essential first step to future actual gains.
We're far from out of the woods, but these numbers are better than a poke in the eye with a sharp stick.
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