At first glance, weekly claims for unemployment came in higher than expected, but that was entirely due to revisions to seasonal adjustment factors. After the revisions, claims fell to their lowest level in several years. On an unadjusted basis, claims are down 10.5% from year-ago levels and have been on a clear downtrend since April 2009. No news here, it's steady as she goes: fewer and fewer workers are being laid off, and this is a good sign that the economy has undergone a lot of painful adjustments and is thus healing itself from within. It's all part of the natural recovery forces which I discussed in yesterday's post.
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