Weekly claims continue to decline

Weekly claims for unemployment once again came in below expectations (390K vs. 400K). Claims have been on a declining trend since April 2009, and the current level of claims (seasonally adjusted) is 6% below its 52-week moving average (the purple line in the chart above). Progress has not been all that impressive in the past year, but we continue to see progress and improvement on the margin, and that is what's most important. Especially since markets all over the world continue to be obsessed with the possibility of a global recession/depression following in the wake of the Eurozone's sovereign debt crisis. The U.S. economy remains essentially oblivious to the problems in Europe, according to the claims data.