This morning the government reported that there were 365,000 new claims for unemployment last week. After the inevitable adjustment next week, this should turn out to be about 370,000. This is better than expected (the average estimate was 378,000) and it breaks the upwards trend of the last three weeks. It is not low enough, however, to show that the uptick is over. It is just another of those economic statistics that leave one wondering as to which direction the economy is heading. The truth is that tomorrow's employment numbers will have much great influence on the thinking regarding the key issue at the moment: has the economy started to sputter again? Stay tuned for the announcement tomorrow morning.
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