The weekly new unemployment claims fell to 391,000 down 37,000 from the previous week. This is good news. Sure it is only one week and the four week average is still well above 400,000. Nevertheless, it is the first time since April that the figure has clearly fallen below the 400,000 level (there was one week at 399,000, but that hardly counts.)
Let's hope that the trend continues next week.
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