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Jobless claims last week came in as expected. However, as the first chart shows, seasonally adjusted claims have been higher in the second quarter than they were in the first. I don't think this represents anything more than just a slowdown in the pace of economic growth, though some will take it as evidence of an impending recession. I note that unadjusted claims (second chart) were 9.4% below the level of a year ago, suggesting that the trend is still one of gradual improvement in the economic fundamentals.
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Better than it was; unit labor costs still below levels of four years ago. The Fed could do a lot more. I Favor sustained QE to wipe out taxpayer debts and get this economy going.
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