This morning's Initial Jobless Claims report showed that initial claims came in 20K less than expected (530K vs 550K). This brings the four-week moving average down to 553.5K, which is the lowest level since January. Back in early July, we noted that the trend in jobless claims was an early signal that the recession was over. The continued decline in claims that we have seen since then is further evidence that the recovery remains on track.
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