Weekly jobs claim numbers are out early due to Thanksgiving this week, and they are notable for the fact that only 466K new claims were filed last week. That's a significant improvement and it might mean that things are starting to get slightly better, but only if the jobless claim number keeps going down. Then again, it could mean people are giving up on filing jobless claims this time of year too. We have seen a steady 12 week improvement in the moving 4-week average. It's now 496K, and I've said that we have to get under 500K to show any signs of improvement.
How long that will keep up, I'm not sure. We're beginning to see the stimulus really kick in for job creation, and we'd still be in the 600K+ range each week without it. It does mean the stimulus is creating jobs.
Just not a lot of them.
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