I try to be an optimist, although I usually fail. But the latest unemployment figures from the U.S. Labor Department do sound promising:
Initial claims for state unemployment benefits fell 14,000 to a seasonally adjusted 442,000, the Labor Department said on Thursday. The report included annual revisions to the weekly unemployment claims seasonal factors going back to 2005. Using the old seasonal factors, claims would have dropped only to 453,000, a Labor Department official said. Analysts polled by Reuters had expected claims to slip to 450,000 from a previously reported 457,000 the prior week…
… "It’s an indication that the labor market continues to improve. We have a recovery, but it is not robust; it is still fragile. The trend continues to move in the right direction," said Ward McCarthy, chief financial economist at Jefferies & Co. in New York.
So what do the Seminal readers think? Are we steadily moving toward recovery, or do these numbers merely provide false hope before the next collapse?
What’s on your mind tonight?