Claims data

Initial Jobless Claims totaled 601k, 34k less than expected and down
from a revised 635k last week (up by 4k) and down for a 2nd week to the
lowest since Jan 23rd. Continuing Claims though continues its move
higher by 56k, 1k more than expected and the differential between the
two figures is evident that while the pace of firing has stabilized,
there still remains a lack of hiring. The capital markets have improved,
inventories need to be replenished, consumer confidence is higher and
all this leads to the sense of optimism and can keep a lid on firings as
company ceo’s want to be prepared for the upturn but with the
sustainability of these factors still uncertain, co’s are not yet
hiring. IF, and a big IF, these signs of life are sustained, hiring will
follow, thus continuing claims tend to lag initial claims.

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