Today’s weekly jobless claims came in slightly better than anticipated, but that moderate surprise was offset by the upward revision to the prior weekly result.
We are seeing somewhat better news in continuing claims, which declined again last week.
Nonetheless, the jobs market is in a slow grind back toward health, consistent with the moderate pace of economic growth.
Initial jobless claims have remained range-bound since the start of the year, with weekly claims vascillating between 439,000 and 490,000, which remains far too high to sustainably and meaningfully chip away at the high unemployment rate.
While we are seeing positive indications of job creation, we expect increases in the short term will remain muted by lackluster CEO confidence and a very cautious small business outlook.
Initial jobless claims were 457,000 for the week of June 19th, a result that was slightly better than expectations.