The four-week moving average of weekly unemployment claims has risen slightly over the past month and is now hovering around the 460,000 level. Lower levels were seen in December of 2009. Economists expected the number to move lower.
It appears to have bottomed, and is poised to turn higher again in Q3. This is one indicator that we want to keep dropping, but it doesn't look like its going to.
But at least stocks were higher! We appear to be back in the "ignore the risk" mode. It was less than two weeks ago that the jobless figure shocked the market to the downside. Now, all that if forgotten and we are ignoring the risks again.
