Thursday, February 14, 2008

Jobless Claims

Jobless claims for the week ending February 9th fell for the second consecutive week. Claims fell by 9,000, to 348,000, from an upwardly revised 357,000. The 4-week moving average rose 12,000, to 347,250. It's the highest level since October 2005.

John Ryding, the chief US economist for Bear Stearns, marked 375,000 as recession territory for the 4-week moving average. Anything above 350,000 usually signals weakness in the labor market.

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