The Department of Labor reported this morning that initial jobless claims dropped by 16,000 on a seasonally adjusted basis. The 4-week moving average dropped 2,750, a very modest improvement. Combined with flat Hiring Demand, and another large reduction in the overall US workforce (-467,000 in Nonfarm Payroll Employment), we're still looking for a significant turning point in the economy (increases in employment or output).
On a seasonally unadjusted basis, initial jobless claims dropped by almost 12,000. This is matched with last week's 16,800 increase in Hiring Demand. This week, Hiring Demand went down by 7,000 on a seasonally unadjusted basis.
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Overall, slight upward trending in Hiring Demand corresponds with fewer initial jobless claims and reductions in the rate of employment loss. However, sustained employment losses continue to point towards a weak labor market and weakening overall economy, although "the worst is behind us".
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