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Jobless Claims Inched Higher Last Week

If you’re inclined to optimism, you can argue that today’s update on initial jobless claims isn’t signaling a new recession after all. True, new filings for jobless benefits rose slightly last week by 1,000 to a seasonally adjusted 427,000. That’s still too high to encourage forecasts of robust growth in either the labor market or the economy overall. But for the moment, the number du jour doesn’t provide much support for arguing that the recent stumble in the economy is getting worse. The trend isn’t necessarily getting better either, unfortunately, which leaves us betwixt and between and waiting for the next update.