Thursday, May 23, 2013
Initial jobless claims stay just above normal expansionary level
- by New Deal democrat
At 340,000 this week, and with the 4 week moving average at 339,500, initial jobless claims continue to hover just slightly above what would be a normal expansionary number of 335,000 or below.
We also continue in the track of our new range, as shown in the graph of weekly claims since the first of last year:
Last year we rarely got below360,000. This year since January we have rarely been above it. Given the fiscal headwinds of the payroll tax increase and the Sequester, this is pretty robust. We continue to make progress. Frustrating and maybe even glacial, but progress nevertheless.