The green shoots brigade will focus on the unexpected decline in the number of US workers filing new claims for unemployment benefits, but the bears will rightly note the number of people making continued claims for aid has reached 6.3m.
Data released by the Labor Department show initial claims for state unemployment insurance benefits fell to a seasonally adjusted 631,000 in the week to April 25 from 645,000 the prior week.
Meanwhile, the number of people who stayed on the benefits roll after making an initial claim for unemployment support rose by 133,000 to 6.271m in the week ended April 18.
This makes it the 13th consecutive week that continued claims have scaled records, while the “insured unemployment rate” reached 4.7 percent compared with 4.6 percent the week before - the highest reading since December 1982.
Related links:
California unemployment hits record 11.2 per cent - FT Alphaville
Green shoots and escape chutes - FT Alphaville
George Magnus, green shoots weed-whacker - FT Alphaville
