Thursday, March 17, 2016
Streak of Low Jobless Claims Longest in More Than Four Decades
The idea that we are now somehow in the bust phase of the boom-bust Fed-manipulated business cycle and that the Fed will have to soon reverse its December rate hike is absurd.
An historically small number of Americans have sought new unemployment benefits each week for more than a year.
Initial claims for jobless benefits, a proxy for layoffs in the U.S. came in at 265,000 last week, according to the Labor Department.
The level remained below 300,000 for the 54th straight week. That is the longest such streak since 1973.
Notes WSJ: To put the streak in perspective, claims have been at 300,000 or more 80% of the weeks since 1967. Claims were at or above that mark for seven straight years between May 2007 and May 2014.
at 12:13:00 PM