The numbers speak loud and clear in today’s weekly update of new jobless claims. New filings for unemployment benefits dropped a hefty 23,000 to a seasonally adjusted 381,000 last week. That’s just what’s needed at this juncture to keep cyclical optimism alive and humming.
Daily Archives: December 8, 2011
Labor Market Data Revisions Look Encouraging
The case for seeing a new recession on the horizon for the U.S. looks a bit less compelling these days in the wake of moderately stronger economic reports, but some analysts remain unconvinced that growth will prevail. On the front line of this debate is the Conference Board’s leading indicator, which paints a relatively encouraging cyclical outlook, based on its latest monthly update. In the opposing camp is the Economic Cycle Research Institute, which continues to stand by its September 30 forecast that the U.S. is destined for a new downturn. The latest update to ECRI’s weekly leading indicator slipped again for the week through November 25, which leaves it roughly unchanged since the end of September.