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Thursday, December 27, 2012

Jobless claims fall to almost 5-year-low

The initial weekly jobless claims numbers fell again, this time to 350,000, the lowest since early 2008. Economists are still urging caution about the numbers though, not only about the after affects of Superstorm Sandy, but now the holiday season, both of which may have distorted the number.

We still don't know if it really means good news for the jobs market going forward, if the market has remained where it was, slowly growing, or if it has slowed down. Based on the initial jobless claims, we won't know that for awhile.

But gas prices remain at a near 2-year-low, which always help broader spending. The big caveat remains the so-called fiscal cliff and how it will be resolved, and that doesn't look all that promising at the moment. Bottom line: We are still in a holding pattern.

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