The trend of job losses was positive until Friday's report -- we had four consecutive months of decreasing losses. That makes Friday's report an outlier.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHkSPYtBCS_uecieAcPy-IOHnI8t5XDHZsbV81KVJcXaKpW-O2kdGO7km8rQSpEv7pz0dAlcm7Ni_f2PNY36mnau_sIlS0hTn4j0ZGZCHqT7dCNqgL29AS-Vr9rakQI3txeyDSDfKFhgbx/s280/fredgraph.png)
The 4-week moving average of initial jobless claims is still declining (although from high levels)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinamhkQZKTZQRy1tUYNHC9KG5HGdruNaPZKv8jhRL5GUJs6dBV8kqZ1WZfOX7iFQh06BGx0JhFbcHP-5SkLFLnfWaE35osfPhNWe9Omm0hlITdPSmeLXWsg4DfuTjRAPzZHDQloairEVik/s280/showimage.asp.gif)
The Challenger job cuts report is still moving lower and
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4GPzjHnZDWp3We-RAU1matFcmkeMJON8_mnqsbYmkQQuHBGDrmWdmncaJYc0lIInjiowVZhwz7w5WwvxIPiyJJ8iSmmhhf2quRVr2dOR2L-OZdjFVE9Awtl6-8abIPaYY3eNzkXwHDCo9/s280/mass+lay-offs.gif)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBsEH6509XEpG_kMAH3_5M-hr4xYLRwtgaSyMqGDJcRNOl4uTlp4PGON9fR4fzRekQlxWgTYf5rNL9zfwbEHXwe6QmQwU5Bc6DnpiYbEH5lQLP9SBXbum_y0RVvLZd4AXoH1HVe6kTNc44/s280/mass+lay-offs+initial+claiments.gif)
The rate of seasonally adjusted mass lay-off events and initial claimants is decreasing.
So, so far Friday's report looks like an outlier. Now, if we have a few more reports like that then we have an issue. But not until then.