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Thursday, January 17, 2013

Big drop in weekly jobless claims. What does it mean?

Initial weekly jobless claims dropped to a 5-year-low of 335,000, according to the latest data.

What does it mean? Still hard to tell because of the quirkiness in the data this time of year. If it remains there into early February, that would be great news and suggest a strong upturn in the jobs market. Of course, we won't know that for a couple of weeks.

The Marketwatch folks did a good job of explaining why we still need to be skeptical:

U.S. jobless claims data can get very odd in mid-January

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