The Labor Department released new numbers this morning. Never pay much attention to one week of initial claims for unemployment insurance. Instead, look at the underlying trend. The four-week moving average of claims is 469,000, down substantially from 602,000 a year ago and 566,000 six months ago. That’s good news and suggests we are on the doorstep of consistent net job creation.
– Robert Stein is senior economist at First Trust Advisors.