"four-week average of new jobless claims, a closely watched gauge of underlying labor trends because it irons out week-to-week volatility, fell to 628,500 from 632,000 the week before. The four-week average has now dropped in five out of the last six weeks.
"I am pleased that we've got the four-week average in jobless claims beginning to move down again," said John Ryding, chief economist at RDQ Economics in New York.
"But I still think we need a more convincing decline to signal from the jobless claims perspective that the recession has bottomed out," Ryding said. read on...
Thursday, May 21, 2009
Has the recession bottomed out? - No clear data
Read this article from Reuters