Whadda 'ya mean we're still not creating jobs?
In the week ending June 25, the advance figure for seasonally adjusted initial claims was 428,000, a decrease of 1,000 from the previous week's unrevised figure of 429,000. The 4-week moving average was 426,750, an increase of 500 from the previous week's unrevised average of 426,250.
Unrevised?! UNREVISED?
That's a first..... well, not technically, but effectively.
But still, 428k is not good. A low "3" handle is necessary in order to support robust job growth. We're not doing it. And next week, we'll find out how bad it is. At the rate this series is going you're going to see negative numbers in the jobs report by the fall.
The "full monte" extended numbers appear to be stabilizing; the influence of the rolloff of the "99ers" appears to be waning although not entirely gone. Nonetheless stable is not good enough to produce any sort of job growth - remember, we must add 150,000 jobs per month, roughly, to cover new entrants to the job market.
