Thursday, May 22, 2014
Does history repeat?
2007: On 5/19/2007, initial jobless claims were at 302,000. They started rising rapidly in Oct. 2007, and the recession officially begin in Dec. 2007.
2014: On 5/17/2014, initial jobless claims (4 week moving average) were at 322,500.
But note: "Initial claims fell to 298,000 in the week ended May 10, revised up from an initial estimate of 297,000 and their lowest level since May 2007."
Update: "The flip-flopping noise of the initial claims data continues as last week's spike and miss is rebounded into this week's beat and drop. At 300k - down 27k from last week - initial claims are at their lowest since May 2007 - practically as good as it gets. Continuing claims continue to fall - now at 2.63 million - to the lowest in the cycle and lowest since Nov 2007."
Posted by Nathan Vanderhoofven at 12:25:00 PM