Sluggish
by digby
The number of newly laid-off workers requesting jobless benefits fell slightly last week for the third straight time. But initial claims remain above levels that would signal net job gains.
New claims for unemployment aid fell 5,000 to a seasonally adjusted 457,000, the Labor Department said. That nearly matched analysts’ estimates of 455,000, according to Thomson Reuters.
The four-week average of jobless claims, which smooths out volatility, dropped to 471,250. Still, the average has risen by 30,000 since the start of this year. That’s raised concerns among economists that persistent unemployment could weaken the recovery.
The average number of weekly jobless claims remains above the 400,000-to-425,000 level that many economists say it must fall below before widespread new hiring is likely.
Initial jobless claims are considered a gauge of the pace of layoffs and an indication of companies’ willingness to hire. High unemployment has persisted even though the economy grew in the second half of last year.
In a separate report, the department said consumer prices were flat in February. A rise in food prices was offset by a drop in gasoline and other energy costs. Excluding the volatile food and energy categories, the core Consumer Price Index edged up just 0.1 percent last month, matching economists’ estimates.
The report adds to evidence that the weak economy has all but erased inflation. That allows the Federal Reserve to continue its efforts to revive the economy by keeping the short-term interest rate it controls at a record low near zero.
In another report, a private research group said its gauge of future economic activity rose just 0.1 percent in February, suggesting slow growth this summer. The gain in the Conference Board’s index of leading economic indicators was the smallest in 11 months.
I think I’ll have a drink.
Oh, in case you want to watch a bunch of assholes on CNBC “analyzing” these numbers for you, here they are:
I’ll bet you’d like a drink now too.
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